Armada Acquisition Corp. II filed an S-4 registration statement for its proposed merger with Evernorth Holdings, moving a deal involving Ripple’s XRP treasury closer to a Nasdaq listing. The filing sets the legal path for Evernorth, which plans to hold about 473 million XRP at launch and is backed by SBI Holdings and Pantera Capital. The company’s model, inspired by MicroStrategy, seeks to generate yield through lending, DeFi, and validator participation rather than passive holding.
Armada Acquisition Corp. II has filed an S-4 registration statement to advance its proposed merger with Evernorth Holdings. This filing sets the legal pathway for Evernorth to enter public markets through a Nasdaq listing under the symbol XRPN.
The company targets holding approximately 473 million XRP at launch, forming a sizable treasury base. This strategy is backed by SBI Holdings and Pantera Capital, with operational leadership from former Ripple executive Asheesh Birla.
The treasury model takes cues from MicroStrategy’s Bitcoin approach but focuses on active yield generation. Evernorth‘s plan involves using lending, DeFi yields, and validator participation to grow XRP per share.
At press time, XRP’s price was trading near $1.45, according to market data, with daily volume around $2.3 to $2.4 billion. This contrasts with MicroStrategy’s treasury of 761,068 BTC, valued at roughly $53.9 billion.
On-chain data shows significant XRP outflows from exchanges, led by Binance. A key spike occurred in early February when 530 million XRP exited in a single day, followed by a price decline from above $2.20.
Transfer data also revealed over 1 million XRP transactions, reinforcing whale control of the market. This pattern could signal accumulation is underway beneath the surface.
