Institutional adoption of XRP is accelerating as Evernorth moves toward completing its merger, strengthening its XRP treasury, expanding its tokenized financial infrastructure, and fostering broad corporate engagement that highlights the growing momentum for digital asset consolidation across global markets.
Institutional investors’ XRP momentum reshapes digital asset strategies
The surge in institutional demand for XRP is reshaping digital asset strategies and intensifying efforts to facilitate the completion of large-scale corporate structures related to tokenized finance. Evernorth Holdings Inc. announced on November 13 that it has confidentially filed a draft Form S-4 registration statement with the Securities and Exchange Commission (SEC) to proceed with its merger with Armada Acquisition Corp. II (Nasdaq: XRPN).
“Evernorth’s public work begins with the simple premise that digital assets will usher in the next generation of institutional finance,” said Evernorth CEO Asheesh Birla, adding:
The confidential filing of Form S-4 marks an important milestone as the Company moves toward becoming a publicly traded company created for institutional adoption of XRP and redefining how digital assets are integrated with the global financial system.
The company is working to expand the institutional use of XRP and intends to collect the largest amount of XRP reserves held by an institutional group. The recent filing moves the company toward a merger with a special acquisition vehicle backed by Arlington Capital, first disclosed on October 20, 2025. The organizations previously reported total expected proceeds of the XRP-centered financial strategy in excess of $1 billion, with the transaction expected to close in early 2026, pending regulatory and shareholder action.
Evernorth was created to provide financial institutions with regulated, liquid access to XRP through a framework distinct from exchange-traded funds. Its model aims to grow token balances by incorporating decentralized finance revenues, capital market activity, and broader ecosystem engagement. The Armada II sponsor acts as a global digital asset manager with extensive blockchain experience. Supporters see Evernorth as potentially contributing to the consolidation of liquidity and tokenized assets, while critics highlight market volatility and an uncertain regulatory direction.
