Evernorth's XRPN debut tests the beyond-Bitcoin treasury bet

Evernorth is about to make its debut on Nasdaq following the approval of the merger by the shareholders of the Armada Acquisition Corp. II company on September 30.

According to an announcement made on October 1, the merger and the attached private placements were able to generate more than $1 billion, with the closure of the transaction happening on October 7, after which the shares will start trading under the XRPN ticker symbol starting October 8.

For investors, XRPN provides an additional regulated path to gain exposure to XRP other than direct ownership and spot ETFs. Moreover, it opens up the market to see if the digital asset treasury model dominated by Bitcoin can be successfully applied to another important token.

A SPAC merger clears its last big vote

Under the deal, Evernorth will merge with Armada II, a special acquisition company (SPAC) backed by Arrington XRP Capital Fund. On October 19, 2025, the parties signed a business combination deal, which includes Ripple Labs under the agreement. According to the SEC filing, Evernorth received a green light from the SEC regarding its Form S-4, which allows Armada II to send necessary merger documents to the concerned parties and put the deal to a vote.

Evernorth also lists Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR among its investors. It expects to hold about 473 million XRP when the deal closes.

An actively managed treasury, not a passive wrapper

According to Evernorth, it seeks to do more than just keep its XRP on its balance sheet. Its strategy includes earning yield, taking part in the XRP ecosystem and using capital-markets opportunities to increase XRP per share. CEO Asheesh Birla has called it an “actively managed XRP treasury with the transparency and governance public markets demand,” according to the SEC disclosure

This is important because a healthy stock price can allow Evernorth to have an opportunity to obtain additional funding and buy more XRP.

Spot ETFs have already been used by institutions. Ripple has noted that about $1 billion in cumulative inflows had been collected by US XRP ETFs by December 16, 2025, and $1.5 billion by early March 2026. Goldman Sachs has disclosed about $153.8 million across four products, according to Ripple’s analysis.

Breaking a model still dominated by Bitcoin

Bitcoin continues to be the main focus in treasury trading. According to The Block’s treasury tracker, a total of 119 public firms possess over $134.7 billion worth of cryptocurrencies in net asset value. Out of this total, Bitcoin holds the largest stake of 80.3%, which translates to roughly $108.1 billion.

According to CoinShares, higher token prices have once again made fundraising channels accessible in September. As a result, Strategy managed to go back to buying additional tokens (4,603 BTC for approximately $369.7 million).

Why the flywheel can spin in reverse

That same model becomes less forgiving when crypto prices fall. Lower token prices can squeeze valuations, erase premiums, and make financing more expensive. A study of Bitcoin treasury firms found strong Bitcoin exposure but no statistically significant abnormal returns after standard risk adjustments.

As Cryptopolitan noted, reflexivity “cuts both ways.” Evernorth will enter the market carrying XRP volatility alongside ordinary public-company risks. The real test is whether active management can create lasting value rather than simply magnify the swings.

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