Evernorth Adjusts Terms for Armada II Merger to Reflect XRP Market Value

The restructured agreement replaces the static $2.36 XRP valuation used at the time of signing with a volume-weighted average price calculated at the closing of the transaction. By tying share issuance to current market conditions, the company expects to reduce the total share count, effectively increasing the underlying interest represented by each common share. This adjustment mechanism is designed to be bidirectional, ensuring that equity remains proportional to the actual value of the treasury assets held by the firm.

CEO Asheesh Birla stated that the amendment preserves alignment among stakeholders while maintaining the company's long-term strategy. The Armada II sponsor has committed to adjusting founder shares on a proportional basis, mirroring the concessions made by advance funding investors. Supported by major industry players including Arrington Capital, SBI Group, Ripple, and Kraken, the deal remains on track for completion in late Q3 or early Q4 2026. Despite the financial restructuring, the core business model focused on growing XRP holdings through disciplined capital allocation remains unchanged.