Ripple-Backed Evernorth Files SEC S-4 for Armada Merger and Nasdaq Listing
According to Evernorth’s S-4 filing, the company and Pathfinder held 473.1 million XRP at the end of 2025 and plan to actively deploy the treasury through RLUSD-based DeFi, lending, liquidity provision, and options strategies.
Evernorth Holdings’ S-4 filing adds substantial detail to its planned merger with Armada Acquisition Corp. II and proposed Nasdaq listing, showing that Evernorth and Pathfinder Digital Assets held about 473.1 million XRP as of Dec. 31, 2025. The filing says Evernorth used $214.1 million in cash to buy 84.4 million XRP, an average of about $2.54 per token, while Ripple contributed 126.8 million XRP to Pathfinder and the sponsor contributed 211.3 million XRP through a Series C subscription. Evernorth reported a $233.7 million digital asset impairment for 2025 under U.S. accounting rules, reflecting lower market values at the reporting date. The company also said it does not intend to passively hold XRP, and instead plans to use Ripple’s RLUSD stablecoin in XRP-based decentralized finance activity, lend XRP, provide automated market-maker liquidity, and run options strategies such as covered calls and cash-secured puts to monetize its treasury.
- XRP treasury: A corporate treasury strategy centered on holding XRP as a significant balance-sheet asset and potentially generating returns from that position.
- RLUSD: Ripple’s stablecoin, designed to maintain a stable value and be used in payments, trading, and decentralized finance applications.
- Form S-4: A U.S. Securities and Exchange Commission filing used for mergers, business combinations, and related securities registrations.