IPOs & Listings
Ripple-Backed Evernorth Files for Resale of 73,688,162 Class A Shares
By News Desk ·
Key takeaways
- Evernorth Holdings plans an offer and sale of 73,688,162 Class A common shares.
- The filing also covers up to 239,653 Pubco Class A shares issuable on exercise of the Sponsor Warrants.
- XRPN closed 3.47% lower at $14.20 on Friday amid XRP and broader crypto market selloffs.
Ripple-backed Evernorth Holdings plans to offer and sell 73,688,162 Class A common shares, along with up to 239,653 Pubco shares issuable upon exercise of the Sponsor Warrants. Coingape reported the planned resale on October 31, 2026, in a story by Varinder Singh.
What the Evernorth Resale Covers
The planned transaction covers 73,688,162 Class A common shares of Evernorth Holdings. It also includes up to 239,653 shares of Pubco Class A Common Stock issuable upon exercise of the Sponsor Warrants.
XRPN stock closed 3.47% lower at $14.20 on Friday. Coingape tied the move to selloffs in XRP and the broader crypto market.
Evernorth is a digital asset treasury company building an institutional XRP position, and it is set to list on Nasdaq under the ticker XRPN through a SPAC merger with Armada Acquisition Corp. II, according to company records. Arrington Capital, founded by Michael Arrington, is the sponsor of Armada Acquisition Corp. II and a significant investor, the same records show.
Evernorth's Funding and XRP Position
Evernorth has raised over $1 billion in gross proceeds from institutional and strategic investors, according to akta.pro company records. That total includes $200 million from SBI and additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR and Ripple co-founder Chris Larsen.
The same records list three funding rounds on file.
| Date | Round | Amount | Lead |
|---|---|---|---|
| 2026-09 | Convertible note | $30 million | NH Investment & Securities |
| 2026-10 | Post IPO equity | $225 million | 6 investors |
| 2026-10 | Post IPO debt | $30 million | NH Investment & Securities |
Evernorth has purchased and committed 473.27 million XRP, valued at over $685 million, since announcing its business combination with Armada II. In its first week it spent approximately $947 million to acquire 388.7 million XRP, reaching about 95% of its $1 billion accumulation target.
Evernorth's Deals Before the Resale
On October 26, 2026, Coingape reported that Evernorth entered a stock purchase agreement with CF Principal Investments to issue 5.2 million XRPN Class A shares, raising $80.7 million to acquire more XRP.
On October 12, 2026, FinanceFeeds reported that XRPN is listed on Nasdaq, with 473 million XRP per share and 3 billion dollars in cash included in the listing.
On September 18, 2026, ChainCatcher reported that Evernorth raised $30 million in convertible bonds from NH Investment & Securities, contingent on a SPAC merger, with the funds to buy XRP spot before its Nasdaq listing under the ticker XRPN.
Evernorth's Earlier SEC Filing
In March 2026, Evernorth publicly filed a Form S-4 registration statement with the SEC, the first formal disclosure of its business plan, financials and leadership team, advancing the SPAC merger toward closing, according to akta.pro company records.