Evernode, Holder of 473 Million XRP, Completes SPAC Merger Ahead of Nasdaq Debut on Oct. 12

Evernode, a digital-asset company that holds and manages XRP, has completed its merger with a special purpose acquisition company and is preparing to enter the US stock market. The company plans to do more than simply hold XRP, deploying capital into related financial infrastructure and services to increase XRP holdings per share over time.

Evernode said it completed its merger with Armada Acquisition Corp. II on Oct. 9. Its common stock is set to begin trading on Nasdaq on Oct. 12 under the ticker XRPN. Armada is a SPAC sponsored by the Arrington XRP Capital fund.

At the close of the merger, Evernode held about 473 million XRP. It also raised about $300 million in cash before deducting transaction costs. Investors included Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.

Ashish Birla, Evernode's founder and chief executive officer, said the goal was to build an active XRP treasury company that supports growth in the ecosystem while meeting the transparency and governance standards required by public markets. It plans to deploy capital into infrastructure and services that expand XRP use cases and, over the long term, increase XRP holdings per share.

The company identified tokenized assets, blockchain-based lending markets, and payments and settlement infrastructure as investment targets. It aims to provide capital needed as institutions expand their participation in blockchain finance, while operating in line with the reporting and disclosure standards that apply to Nasdaq-listed companies.

Michael Arrington, founder of Arrington Capital, said he believes a maturing XRP ecosystem will attract capable developers and capital. Evernode will help support the institutionalization of related infrastructure by combining large-scale capital, active participation and public-company standards.

Evernode also plans to hold a Nasdaq closing bell ceremony on Oct. 14 with management, investors and participants in the XRP ecosystem.