BREAKING: XRP Treasury Evernorth Names OpenAI Foundation & Antalpha’s Executives as Directors

Ripple-backed XRP treasury Evernorth Holdings amended its registration statement with the US SEC, as the company moves closer to merging with Armada Acquisition Corp II. Moreover, the company has named OpenAI Foundation CFO and NASDAQ-listed Antalpha COO to its board of directors.

XRP Treasury Evernorth Holdings Updates Business Merger Filing

Evernorth Holdings filed a second amendment to its Form S-4 registration statement with the US SEC. The filing advances its proposed business combination with Armada Acquisition Corp II, a special purpose acquisition company sponsored by Arrington XRP Capital Fund LP.

The merger aims to create the largest public XRP treasury company, with exposure to the XRP ecosystem. Evernorth has raised over $1 billion in gross proceeds and plans to list under the ticker “XRPN” on Nasdaq.

The company’s institutional and strategic investors include Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken. Ripple has contributed 126,791,458 XRP to the company. It is expected to launch with initial holdings of at least 473,276,430 XRP.

Evernorth awaits the SEC’s approval on the registration statement, which remains subject to review and comment. The proposed merger also seeks approval from Armada Acquisition Corp II shareholders.

Evernorth Holdings Announces New Board Directors

As XRP treasury Evernorth progresses towards the merger, it has nominated OpenAI Foundation chief financial officer Robert Kaiden and Antalpha chief operating officer Derar Islim to the board of directors.

Ted Janus, Robert Kaiden, and Derar Islim will serve as “independent directors,” as defined under the Nasdaq rules. As CoinGape reported earlier, Ripple CLO Stuart Alderoty is also named a member of its board of directors.

The latest amendment also included a form of proxy card for the extraordinary general meeting of SPAC shareholders. It also mentions consent from Deloitte & Touche and CBIZ CPAS PC as independent public accounting firms for Evernorth Holdings.

Robert Kaiden and Derar Islim’s board nomination brings deep expertise in audits and other financial matters. Also, Islim’s career bridges traditional Wall Street finance and cutting-edge digital asset leadership.

CEO Asheesh Birla, a former Ripple executive, has emphasized that Evernorth will drive broader institutional adoption of XRP. He hailed the SEC and CFTC’s guidance classifying certain digital assets including XRP as digital commodities.

XRPN Stock and XRP Price Action

Armada Acquisition Corp II’s XRPN stock price is trading 0.14% lower at $10.34 in premarket trading on Wednesday. Nasdaq-listed XRPN stock remains almost 1.30% higher YTD and more than 3% in a year.

Japan-based SBI Holdings has high voting power in the XRP treasury. If stock dilutions are higher due to redemptions, the company’s voting power can rise to 59.7%.

XRP price jumped more than 1% in the past 24 hours, currently trading at $1.39. The 24-hour low and high are $1.37 and $1.39, respectively. Furthermore, trading volume has decreased by almost 4% over the last 24 hours as traders await the Fed rate decision and Chair Jerome Powell’s press conference.

The derivatives market saw buying over the last few hours, according to CoinGlass data. Moreover, the total XRP futures open interest climbed more than 2% to $2.54 billion in the past 24 hours.

Also Read: Best RWA Tokenization Compliance Companies & Platforms