Armada Acquisition Corp. II filed the S-4 to register its proposed merger with Evernorth Holdings, moving the Ripple [XRP] treasury deal closer to market approval. As this process advances, the filing will set the legal path for Evernorth to enter public markets through a Nasdaq listing under XRPN.
Building on this, Evernorth targets holding about 473 million XRP at launch, forming a sizeable treasury base. Backing from SBI Holdings and Pantera Capital strengthens capital credibility, while leadership from Asheesh Birla adds operational depth.
From here, the strategy shifts towards application, using lending, DeFi yields, and validator participation to grow XRP per share.
As this model unfolds, it moves beyond passive holding towards active yield generation, hinting at a new institutional framework that markets are yet to fully price in.
Evernorth’s XRP treasury model faces Bitcoin’s institutional benchmark
Evernorth’s XRP treasury model takes cues from MicroStrategy’s Bitcoin approach. And yet, the structure differs in depth and market positioning. Strategy holds 761,068 BTC worth about $53.9 billion, while its multiple to Net Asset Value (mNAV) ranges between 0.96x and 1.18x – A sign of strong conviction.
On the contrary, XRP’s price was trading near $1.45 with daily volume around $2.3–$2.4 billion – Evidence of steady liquidity, but lower institutional preference. As Bitcoin continues to dominate treasury allocations, XRP captures a smaller share of capital flows.
Building on this, Evernorth’s plan to raise over $1 billion introduces a new entry point for XRP exposure. However, the model also relies on developing a stronger narrative beyond payments.
As liquidity remains deep and reserves gradually decline, XRP can absorb demand. However, sustained strength will depend on consistent inflows rather than short-term capital bursts.
XRP outflows rise as whales reposition
As institutional positioning around XRP builds, on-chain flows have begun to reflect how capital is moving beneath the surface.
At press time, large outflows seemed to be dominating activity, with Binance leading across exchanges. Early February marked a key spike as 530 million XRP exited in one day, signaling strong whale movement.
Following this surge, the altcoin’s price fell from above $2.20 towards the $1.30–$1.50 range, suggesting supply initially outweighed demand. As this pressure faded, daily outflows stabilized near 50 million XRP in March – A sign of more controlled positioning.
At the same time, transfer data revealed that over 1 million XRP transactions reinforced whale control.
This pattern could mean that accumulation might be underway. However, sustained price strength will depend on consistent demand absorbing these large-scale movements.
