Evernorth Holdings announced an official SPAC merger with Armada Acquisition Corp II and plans to list on Nasdaq under the ticker XRPN in early 2026, pending approvals. The deal aims to raise over $1 billion in gross proceeds, including $200 million from SBI, with additional investments from Ripple, Rippleworks, Pantera, Kraken, GSR, and Chris Larsen. Net proceeds will primarily fund open-market XRP purchases to build a public treasury. Unlike an ETF, the vehicle will be actively managed through lending, liquidity provision, and DeFi strategies to generate yield. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as advisers, while CEO Asheesh Birla leads the company alongside other senior executives.