CryptoMediumUpdated×2•Originally published 12 October 2026•Updated 12 October 2026•
1 min read
Evernorth Completes SPAC Merger as XRP Treasury Value Hits $672 Million
Key Facts
1Evernorth appointed a former Coinbase investment executive to manage its 473 million XRP treasury.
2The company plans to utilize its XRP holdings for lending, liquidity provision, and yield strategies.
Evernorth completed its merger with Armada Acquisition Corp. II on October 9, 2026, securing approximately $300 million in gross cash proceeds. The transaction closed as the value of the firm's treasury holdings, consisting of 473 million XRP units, reached $672 million according to reporting by The Block.
The company intends to deploy these assets for lending and liquidity strategies managed by a former Coinbase investment executive as it prepares for its Nasdaq NDAQ debut. Coinbase (COIN) shares closed at $179.39 and NDAQ closed at $93.65 on October 9, 2026, amid the firm's strategic shift toward optimizing digital asset yields for its public market transition.