On October 20, 2025, Armada Acquisition Corp II (Armada II), a publicly traded special purpose acquisition company, and Evernorth Holdings Inc. (Evernorth), a newly formed Nevada corporation focused on enabling institutional-scale adoption of XRP, announced that they have entered into a definitive business combination agreement through which Evernorth will become a publicly listed company. The transaction is expected to raise more than $1 billion in gross proceeds, establishing Evernorth as the largest public XRP-treasury company and a first-of-its-kind institutional vehicle built to accelerate XRP adoption. Investors include SBI, Ripple, Rippleworks, and leading digital-asset and fintech investors such as Pantera Capital, Kraken, and GSR, with participation from Ripple co-founder Chris Larsen. Upon closing, the combined company will operate under the Evernorth name and is expected to trade on Nasdaq under the ticker symbol “XRPN,” subject to applicable listing requirements and other customary closing conditions.
Wilson Sonsini Goodrich & Rosati represented Armada II in the transaction. The Wilson Sonsini team includes:
Corporate
Patrick Schultheis
Jeana Kim
Nathan Robinson
Ashley Schmidt
Erika Bykov
M&A
Ethan Lutske
Kenji Strait
Kaleigh Hawkins-Schulz
Ava Munson
Yifeng Li
Hayden Stephens
Delaware Corporate
Amy Simmerman
Brian Currie
Adrian Broderick
Sarah Hand
Allurie Kephart
Antitrust
Ben Labow
Fintech and Financial Services
Alice Cao
Technology Transactions
Scott McKinney
Employee Benefits and Compensation
Michael Klippert
Jason Chan
Laura Yun
For more information, please see Evernorth’s press release.
