Evernorth's 'Largest Public XRP Treasury' Ambition Gets Real—Ripple's CLO Joins the Board

XRP treasury Evernorth Holdings has dropped an SEC amendment that's basically a love letter to the XRP faithful—advancing its merger with Armada Acquisition Corp II, a SPAC sponsored by Arrington Capital. The deal is gunning to create the largest public XRP treasury company this side of the crypto multiverse, with the company planning to list under the ticker "XRPN" on Nasdaq. Move over, traditional finance—there's a new sheriff in town, and it holds a whole lot of XRP.

The war chest is no joke: Evernorth has raised over $1 billion in gross proceeds. Its institutional investors read like a who's who of crypto royalty—Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken all threw their weight behind this thing. Ripple itself contributed a hefty 126,791,458 XRP to the treasury. That's roughly $175 million at current prices, for those doing the math at home.

The company went ahead and nominated Ripple's Chief Legal Officer Stuart Alderoty and J Capital's Ted Janus as directors. Alderoty's board appointment is a power move—bringing that deep crypto regulatory expertise to the table while the industry holds its breath waiting for SEC clearance on the registration statement. The merger still needs shareholder approval from Armada Acquisition Corp II, so this particular party hasn't quite peaked yet.

In the meantime, the market is already partying like it's 2021. XRPN stock climbed 3.20% in premarket trading Wednesday, up nearly 3% year-over-year. Meanwhile, XRP jumped over 5% to $1.38, with a 24-hour range of $1.30–$1.39. Trading volume surged roughly 85% following the US-Iran ceasefire—because apparently, geopolitical peace treaties are the new catalyst for altseason. XRP futures open interest rose more than 7% to $2.53 billion, because nothing says "confidence in the future" like more leveraged positions.

SBI Holdings is sitting pretty with significant voting power in the XRP treasury, which could balloon to 59.7% if stock dilutions occur from redemptions. The timing here is chefs kiss—aligning perfectly with recent regulatory clarity where the SEC and CFTC classified XRP as a non-security. It's almost like someone planned this. Almost.