Evernorth (XRPN) XRP Holdings

On-chain: XRP Ledger 107,437,863, Oct 5, 2026, 00:10 UTC · Company-reported: Form 424B3, Aug 27, 2026

XRP per share. Evernorth’s primary KPI is XRP per share: the XRP attributable to Evernorth divided by its Class A and Class C shares outstanding (424B3). The share count at closing depends on redemptions, and no filing has reported it yet, so we don’t publish an XRP-per-XRPN-share figure. We’ll add it once a closing filing reports the shares outstanding.

Evernorth’s XRP wallets (live)

“Last signed tx” is the latest transaction the wallet itself authorized, which needs its multisig quorum. Unsolicited inbound dust payments are ignored. Addresses link to the XRPSCAN explorer. Balances come straight from rippled.

How we attribute these wallets

Every wallet shares the same custody fingerprint. Each was activated by the wallet XRPSCAN labels BitGo Initialization Wallet, and the 424B3 names BitGo Trust as Evernorth’s XRP custodian. Each is a 2-of-3 multisig account with the master key disabled. On top of that, each wallet has one of two kinds of evidence:

Payment-linked (Evernorth 1 and 2, Custody A to G)

• XRPSCAN labels Evernorth 1 and Evernorth 2 as Evernorth, with domain evernorth.xyz and handle @evernorthxrp. These are the wallets the XRP Radar’s treasury tracker already matches.
• Custody A to G received XRP only from Evernorth 1 or 2, or from another wallet in this set. We followed every outbound payment of 100,000 XRP or more from the labeled wallets, and none goes anywhere else.
• The XRP arriving in Evernorth 1 in October 2025 matches four of the 424B3’s tranches to the drop (table below). The XRP from Ripple’s contribution was later split across Evernorth 2 and Custody F and G. That matches the filing’s separate June 30 balance for Pathfinder.

Matched to the filing (Custody H, I, J and the purchase staging wallet)

• The staging wallet received 84,365,876 XRP from a busy BitGo-activated trading wallet on Oct 31 and Nov 12, 2025. The 424B3 says the custodian bought exactly 84,365,876.3625 XRP with the advance-funding cash. The two figures are within 0.0001 XRP of each other.
• The staging wallet forwarded all of it to Custody H, I and J. BitGo created those three on Oct 29, 2025, between 22:20 and 22:23 UTC. That is in the same session, a minute apart, as Custody D (22:18) and Custody E (22:19).
• On Oct 3, 2026, Custody J received 199,999.999 XRP from an Uphold hot wallet. The same exchange wallet sent advance-funding XRP to Evernorth 1 in October 2025. The deposit is consistent with the 200,000 XRP tranche due at closing, but no filing confirms that yet.
• There is no payment between these wallets and the labeled ones. The attribution rests on the exact amount match and the shared custody batch, so we show this group separately.

Reconciliation with the SEC filing

The 424B3 breaks the “at least 473,276,430 XRP” into six parts. Here is each one next to what we found on the ledger.

The six tranches total 473,276,430 XRP in the filing. The wallets hold slightly more because of unsolicited dust payments, net of fees. Tranche (vi) was bought for $214M at an average $2.5366 per XRP (424B3).

XRPN deal timeline (from SEC filings)

1. Oct 19, 2025Filed
   Business Combination Agreement signed

   Armada Acquisition Corp. II, Evernorth Holdings Inc., Pathfinder Digital Assets LLC, two merger subsidiaries and Ripple Labs Inc. sign the agreement.

   8-K, Armada II, filed Oct 20, 2025
2. Aug 27, 2026Filed
   Form S-4 declared effective

   The SEC declares Evernorth’s registration statement effective. The final proxy statement/prospectus (Form 424B3) is filed the same day.

   SEC notice of effectiveness
3. Sep 11, 2026Filed
   $30M convertible notes agreed

   $30.0 million of 4.00% Convertible Senior PIK Notes due 2031. They are issued at closing, and the net proceeds are for general corporate purposes, "including the acquisition of XRP".

   8-K, Evernorth, filed Sep 17, 2026
4. Sep 23, 2026Filed
   Planned Nasdaq ticker: XRPN

   "Evernorth expects to list on Nasdaq under the ticker XRPN."

   425, Evernorth, filed Sep 23, 2026
5. Sep 30, 2026Filed
   Shareholders approve the deal

   At Armada II's extraordinary general meeting, the Business Combination Proposal passed 20,514,034 for, 1,362,081 against, 930 abstaining. The Merger Proposal passed 20,514,597 for, 1,362,089 against.

   8-K Item 5.07, Armada II, filed Oct 1, 2026
6. Oct 7, 2026Expected
   Closing (expected)

   Evernorth's communication filed Oct 1, 2026: "Expected next: Oct 7: closing." Completion remains subject to customary closing conditions.

   425, Evernorth, filed Oct 1, 2026
7. Oct 8, 2026Expected
   Nasdaq trading as XRPN (expected)

   "Oct 8: Nasdaq trading under XRPN." Trading is subject to Nasdaq listing approval.

   425, Evernorth, filed Oct 1, 2026

EDGAR checked Oct 5, 2026, 00:10 UTC for both filers: Evernorth Holdings Inc. (CIK 0002092592) and Armada Acquisition Corp. II (CIK 0002044009). Expected dates come from Evernorth’s own communications filed under Rule 425. They are not confirmed until a closing filing appears.

What XRPN is

Evernorth vs. a spot XRP ETF

US XRP ETFs and the BITW index fund together hold about 1.19B XRP. Fund-by-fund holdings, flows and AUM are on the XRP ETF Tracker. Evernorth’s own filing lists XRP ETFs and ETPs among its competitors.

Risks the filings highlight

• No operating history and no revenue yet.
• Results and the share price depend heavily on the price of XRP, which is volatile.
• Competition from XRP ETFs and ETPs and from other companies with large XRP holdings.
• Ripple and other early stakeholders hold large amounts of XRP, which could weigh on its price.
• A small number of shareholders are expected to control a significant share of the votes after closing.
• Shares of companies formed through SPAC mergers may fall materially. Evernorth's Class A stock has no public market yet.
• As a holding company, Evernorth depends on distributions from Pathfinder to pay taxes and expenses.
• The custodian's insurance is shared among its clients and would likely cover only a small fraction of the XRP.

Source: “Summary of Risk Factors” and the custody discussion in the 424B3. This page reports holdings and filings. It is not investment advice.

Frequently asked questions

How we measure this

Company-reported figures come only from Evernorth’s and Armada II’s SEC filings, linked above. On-chain figures come from rippled JSON-RPC (account_info at one validated ledger for every wallet). We also scan account_tx for every transaction those wallets have signed, to catch XRP leaving the attributed set. The reads refresh hourly. A wallet is included only with evidence: a payment link to the wallets labeled Evernorth, or an exact match to a tranche in the filing. The table shows which applies to each wallet. XRP that leaves the set is reported and excluded, but it is not assumed sold. The machine-readable version of this page is at data.json. For every other corporate treasury, ETF, exchange and escrow balance, see the XRP Radar.