Evernorth Submits Confidential Draft to SEC for Major XRP Institutional Adoption Deal

Evernorth's Strategic Move to Enable XRP Adoption

Evernorth Holdings Inc., a new corporation formed in Nevada, is poised to spearhead the institutional adoption of XRP, a digital asset. On November 13, 2025, the company made headlines by confidentially submitting a draft registration statement on Form S-4 to the U.S. Securities and Exchange Commission (SEC). This significant milestone signifies the next step in the merger process with Armada Acquisition Corp. II, known as Armada II, a special purpose acquisition company listed on Nasdaq under the ticker XRPN.

The merger, first announced on October 20, 2025, is anticipated to conclude in the first quarter of 2026 after obtaining shareholder approval and meeting customary closing conditions. According to Asheesh Birla, CEO of Evernorth, this submission is a crucial step towards transforming the financial landscape by integrating digital assets within mainstream finance. He emphasized that the upcoming public journey of Evernorth seeks to redefine how digital assets interact with the global financial ecosystem.

A New Type of Digital Asset Treasury

Once completed, the business combination will create a new public entity focused on managing XRP assets through a regulated and transparent framework. Unlike traditional exchange-traded funds (ETFs), Evernorth plans to grow its XRP holdings actively using a combination of institutional and decentralized finance (DeFi) yield strategies, along with capital market activities. This approach aims not only to enhance shareholder value but also to strengthen XRP's utility and adoption in various sectors.

Evernorth's ambitious strategy comes after raising over $1 billion in gross proceeds, which it plans to utilize to establish the largest public XRP treasury in the market. The acquisition and management of XRP under Evernorth will provide investors with structured exposure to this asset in a much more calculated manner than they have previously experienced.

About Armada Acquisition Corp. II

Armada II, founded in October 2024, is managed by an experienced team of industry veterans including Taryn Naidu, CEO, and Michael Arrington, Chairman. The team's focus is to execute significant business combinations similar to the one planned with Evernorth, guiding the newly formed entity into a robust market position. By integrating Evernorth into its structure, Armada aims to create considerable value in the burgeoning field of crypto assets.

Furthermore, Armada II investors can look forward to a definitive proxy statement and proxy statement/prospectus, which will provide comprehensive details about the transactions related to the business combination. These documents will be essential for shareholders as they decide on the proposed business transactions.

The Impact on the Digital Asset Landscape

The urgency and significance of Evernorth's submission could bring ripple effects throughout the industry. Market stakeholders are likely to keep a close watch as this merger aligns with growing institutional interest in digital assets. As with any significant proposed transaction, it carries inherent risks that stakeholders must evaluate carefully, especially concerning market conditions, regulatory landscapes, and potential legal proceedings.

Evernorth represents a crucial juncture in the evolution of digital assets. Its vision of providing a sustainable and scalable model for XRP adoption aligns with increasing institutional demands for regulated crypto investments. As the world looks towards the next phase of the digital economy, Evernorth's developments may serve as a blueprint for similar ventures in the future, ultimately supporting the maturation and legitimacy of cryptocurrencies in mainstream finance.

As anticipation builds for the merger's completion, industry analysts and investors eagerly await the additional disclosures and the potential transformation that Evernorth promises to bring to the market. The forthcoming months will be pivotal for both Evernorth and Armada II as they advance their agenda in a rapidly evolving digital asset landscape.