Evernorth Holdings, a crypto treasury company backed by Ripple aiming to create the largest public XRP reserve, is revising the terms of its planned Nasdaq listing through a merger with SPAC Armada Acquisition Corp. II. The revision follows XRP’s price decline from an initial assumption of $2.36 to approximately $1. The company, holding 473.3 million XRP tokens acquired at an average price of $2.54 (approximately $1.2 billion), has adopted a flexible valuation mechanism linking the final number of shares to XRP’s volume-weighted average price at closing. This restructuring, supported by over 95% of committed investors including Ripple, Pantera Capital and Kraken, is expected to close in late Q3 or Q4 2026.
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