Evernorth 

What is Evernorth, the XRP treasury company?

Evernorth is a Ripple-backed digital asset treasury (DAT) company building an institutional XRP treasury. Rather than passively holding XRP, Evernorth purchases and actively deploys the asset across liquidity, lending, DeFi, and XRP Ledger infrastructure, targeting growth in the amount of XRP held per share — a MicroStrategy-style accretion model. Exposure is delivered through common stock of a Nasdaq-listed company rather than a crypto token. Leadership is drawn heavily from Ripple, and the entity is pursuing a fully SEC-registered route to public markets via Form S-4.

Does Evernorth have its own crypto token?

No. Evernorth issues no crypto token and none is planned — exposure comes through common stock of the company. The asset has no token supply and no on-chain contract. Because value derives from a single-asset XRP balance sheet, stockholders carry full XRP price risk plus corporate-execution risk, and dilution from future equity or convertible issuance is a structural overhang.

How much XRP does Evernorth hold?

In its November 4, 2025 announcement, Evernorth disclosed more than 473 million XRP as Purchased and Committed — roughly 0.47% of XRP's total supply. The treasury grows through continued purchases, so news figures around this number move frequently. Current totals are verifiable in Evernorth's SEC filings (Form S-4 and 8-K reports).

What does Evernorth do with the XRP it holds?

Evernorth actively utilizes XRP rather than holding it statically. Deployments span liquidity provision, lending, and DeFi — including activity tied to RLUSD, Ripple's stablecoin — plus XRP Ledger infrastructure. The stated goal is to increase the amount of XRP held per share, so treasury growth compounds for stockholders instead of sitting idle.

When will Evernorth's Nasdaq listing take place?

Evernorth plans to reach Nasdaq through a business combination with Armada Acquisition Corp. II, a SPAC already listed under ticker XRPN. The merger was announced on October 20, 2025. The Form S-4 registration statement was filed March 18, 2026 and declared effective August 27, 2026. A special shareholder meeting scheduled for September 30, 2026 was set to approve the combination; as of late September 2026, the vote remained pending and the listing had not taken place.

Is XRPN the same as Evernorth?

XRPN is the Nasdaq ticker of Armada Acquisition Corp. II — the SPAC merging with Evernorth. After the business combination closes, the combined company, Evernorth Holdings, is expected to trade on Nasdaq under XRPN. The ticker also belongs to an unrelated micro-cap token trading on Coinbase; Evernorth has no connection to that token, to Evernode (EVR) on the XRP Ledger, or to Cigna's Evernorth health-services brand.

Who backed Evernorth?

Ripple, SBI Holdings, and Arrington Capital are named backers of Evernorth. The Ripple connection runs through leadership as well: CEO Asheesh Birla held roles on Ripple's board, and CBO Sagar Shah scaled Ripple's payments business and helped launch RLUSD. Ripple CEO Brad Garlinghouse and CTO David Schwartz serve as advisors. This concentration gives Evernorth deep XRP-ecosystem alignment — and ties its execution closely to Ripple's orbit.

What does Evernorth's funding round history show?

Per DropsTab data, Evernorth shows one recorded round: $30 million in Debt Financing from NH Investment & Securities, dated September 18, 2026. Evernorth's 8-K filing describes the instrument as 4% Convertible Senior PIK Notes due 2031. Separately, Evernorth announced on October 20, 2025 that it would go public with over $1 billion in gross proceeds — committed deal financing for the XRP treasury rather than a priced equity round. Convertible notes dilute XRP per share when converted.

Can investors buy Evernorth before the Nasdaq listing?

Not on the asset DropsTab tracks. No spot, derivative, or DEX markets exist for Evernorth, and no secondary market exists until the SPAC merger closes. The only tradable proxy is the SPAC's own XRPN units, which carry deal-completion risk — vote and redemption outcomes — on top of XRP price risk. Direct XRP exposure without corporate-execution risk requires holding XRP itself.

Does Evernorth have an airdrop or token sale?

No. Evernorth runs no airdrop, ICO, IDO, or point-farming campaign — the company issues equity, not tokens, so no token generation event exists. Milestones around Evernorth are regulatory ones: the Form S-4 became effective on August 27, 2026, and merger communications were filed with the SEC regularly through 2026. Any "Evernorth airdrop" claim therefore does not correspond to a company program.