XRP Treasury Evernorth Nears Merger, Names Ripple’s Stuart Alderoty Among Directors

Ripple-backed XRP treasury Evernorth Holdings files an amendment with the US SEC, indicating major progress regarding merger with Armada Acquisition Corp II. It also nominates Ripple CLO Stuart Alderoty on the board of directors.

Evernorth Reveals Progress on Merger to Become Largest Public XRP Treasury

Evernorth filed an amendment to its Form S-4 registration statement with the SEC on April 7. The filing advances its proposed business combination with Armada Acquisition Corp II, a special purpose acquisition company sponsored by Arrington Capital.

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.

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

Evernorth Names Ripple’s Stuart Alderoty as Director

As XRP treasury Evernorth progresses towards the merger, it has nominated Ripple’s CLO Stuart Alderoty as a member of its board of directors. It has also named J Capital’s Ted Janus as a director.

The latest amendment was related to the limited liability company agreement of Pathfinder Digital Assets LLC. It also mentions consent from Deloitte & Touche and Brownstein Hyatt Farber Schreck, a share issuance counsel for Evernorth Holdings.

Stuart Alderoty’s board nomination brings deep expertise in crypto regulation and policy. His board role is crucial for long-term commitment to compliant, institutional-scale XRP adoption.

CEO Asheesh Birla, a former Ripple executive, has emphasized that Evernorth offers more than simple price exposure, aiming to drive broader institutional adoption of XRP. The timing aligns with improving regulatory clarity in the US crypto industry. Recently, the SEC and CFTC classified XRP as a non-security.

XRPN Stock Rises amid XRP Price Rebound

Armada Acquisition Corp II’s XRPN stock price is trading 3.20% higher in premarket trading on Wednesday. Nasdaq-listed XRPN stock remains almost 3% higher in a year, while other crypto stocks tumbled immensely.

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 5% in the past 24 hours, currently trading at $1.38. The 24-hour low and high are $1.30 and $1.39, respectively. Furthermore, trading volume has increased by almost 85% over the last 24 hours following a 2-week ceasefire between the US and Iran.

The derivatives market saw selling over the last few hours, according to CoinGlass data. However, the total XRP futures open interest climbed more than 7% to $2.53 billion in the past 24 hours.