- Evernorth Holdings plans to go public through a merger with Nasdaq-listed SPAC Armada Acquisition Corp. II.
- The deal is expected to raise over $1 billion, including a $200 million investment from Japan’s SBI Holdings.
- Evernorth aims to build one of the largest XRP digital asset treasuries using the raised funds.
- The combined company will trade on Nasdaq under the ticker symbol XRPN.
- The move highlights growing institutional interest in digital-asset treasury strategies and XRP adoption.
Evernorth Holdings, a digital asset company affiliated with Ripple Labs, announced it will go public by merging with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC) listed on Nasdaq. This transaction aims to meet increasing institutional demand for publicly traded digital asset treasury firms.
The planned merger is expected to generate over $1 billion in gross proceeds. Included is a $200 million commitment from SBI Holdings, a Japanese company historically linked to SoftBank. Additional investors anticipated to participate are Ripple, Pantera Capital, Kraken, and GSR, according to the company’s announcement.
Evernorth intends to use the funds to assemble one of the largest XRP (digital asset associated with Ripple) treasuries worldwide by purchasing the asset in open markets. Upon completion, the merged entity will be listed on Nasdaq under the ticker XRPN. The company’s CEO, Asheesh Birla, said the investment vehicle is designed to “accelerate XRP adoption” and provide investors with public market access to XRP and related digital asset strategies.
Recent reports indicate that Ripple Labs plans to raise about $1 billion through XRP sales to support its own digital-asset treasury by combining newly acquired tokens with existing holdings. Separately, Ripple recently agreed to acquire GTreasury, a treasury management platform, for approximately $1 billion to enhance its enterprise liquidity and payment offerings.
Other companies such as VivoPower have launched XRP-focused digital asset strategies, demonstrating rising institutional interest in the token. This reflects a broader trend where many firms add cryptocurrencies like Bitcoin, Ether, and Solana to their corporate balance sheets as part of digital asset treasury (DAT) strategies. The movement began notably with Michael Saylor’s public company strategy of holding Bitcoin as a treasury reserve.
Despite this growth, skepticism remains. Some industry leaders highlight challenges such as negative perceptions from traditional finance and poor performance from alternative digital assets, which may hinder wider adoption of these treasury strategies. One CEO noted concerns over failed altcoins and unclear business plans that have complicated the overall digital asset treasury narrative.
For related information, see the announcement about the proposed “restricted list” for DeFi protocols and other developments in digital assets.
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