Evernorth Turns its 473 Million XRP Treasury into a Liquidity Engine

• Evernorth holds over 473 million XRP as it moves toward a planned Nasdaq listing through its merger with Armada Acquisition Corp II.
• Evernorth added Robert Kaiden and Derar Islim as independent directors in its second S-4 amendment ahead of the XRPN listing.

Evernorth is moving closer to its planned Nasdaq listing with a second amendment to its Form S-4 filing, adding new board members while positioning its large XRP reserve as the center of its public-market strategy.

The Ripple-backed digital asset treasury company plans to list under the ticker XRPN through its merger with Armada Acquisition Corp II. The latest filing shows Evernorth holds more than 473 million XRP, valued at about $656 million, as it prepares to turn that treasury into a broader liquidity engine for institutional investors.

Evernorth Expands Board Before Nasdaq Listing

Evernorth named Robert Kaiden and Derar Islim as independent directors in its second S-4 amendment. Kaiden currently serves as CFO at OpenAI Foundation, while Islim is chief operating officer at Antalpha and previously held an executive role at Genesis.

Their appointments add financial oversight and digital asset experience to Evernorth’s board as the company advances toward its public listing. The board also includes Ted Janus and Ripple Chief Legal Officer Stuart Alderoty, giving Ripple a direct governance role after its major contribution to the transaction.

Evernorth is led by CEO Asheesh Birla, a longtime Ripple executive. The company is merging with Armada Acquisition Corp II, a SPAC sponsored by Arrington Capital, to list publicly on Nasdaq under the XRPN ticker.

The company’s treasury currently includes more than 473 million XRP, making the asset central to its balance sheet. Ripple Labs also contributed 126.79 million XRP directly to anchor the deal, while the broader raise brought in more than $1 billion in gross proceeds.

Investors in the transaction include Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. SBI Holdings committed $200 million, placing the Japanese financial group among the largest backers of the planned XRP treasury company.

The company’s structure resembles other digital asset treasury models, in which a public company holds a major crypto asset as its primary reserve. 

XRP Treasury Strategy Remains Light in Filing

The latest filing adds more details about governance, but it remains limited in detail about Evernorth’s XRP strategy. The company has described XRP as its core treasury asset, though more information is still expected on how it will manage, deploy, or grow that reserve after the merger closes.

Market attention has also turned to SBI Holdings Chairman Yoshitaka Kitao’s possible ownership stake. According to market experts, his stake could range from 30% to 59%, depending on public shareholder redemptions in the SPAC deal.

Once the transaction closes, Evernorth is expected to disclose final redemption numbers through an 8-K filing. Kitao would also need to file a 13D or 13G within days, showing his final ownership position in the combined company.

Islim’s background at Genesis adds another layer of context to the board update. Genesis, owned by Barry Silbert’s Digital Currency Group, became one of the major crypto lenders hit after the FTX collapse in 2022.

Gemini was among the major lenders connected to Genesis through its Earn program. When market stress spread after FTX failed, Genesis froze withdrawals and later filed for bankruptcy, leaving many Gemini customers waiting for recovery.

Evernorth’s new board now combines executives with experience across AI finance, institutional crypto, legal oversight, and digital asset operations.

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