Wu说 has learned that Evernorth, a crypto startup backed by Ripple, announced that it has publicly filed a Form S-4 registration statement with the U.S. SEC, involving a business combination with Armada Acquisition Corp. II, a SPAC company sponsored by Arrington Capital, and related transaction arrangements, with the goal of creating a Nasdaq-listed XRP treasury company. Previously in October 2025, Evernorth disclosed that the transaction is expected to raise over $1 billion in funds to establish an XRP treasury strategy.