- Evernorth Holdings is set to go public through a merger with Armada Acquisition Corp II, a special purpose acquisition company.
- The company will be listed on Nasdaq under the ticker symbol ‘XRPN’ after the deal closes.
- The transaction, expected to finalize in the first quarter of 2026, has received unanimous approval from both boards.
- Former Ripple executive Asheesh Birla will serve as CEO of the resulting company.
- Evernorth plans to use over $1 billion in proceeds mainly for buying XRP and supporting its digital asset treasury strategy.
Evernorth Holdings has officially announced it will become a public company by merging with Armada Acquisition Corp II, a special purpose acquisition company (SPAC). After the transaction is completed, the resulting business will be traded on Nasdaq with the symbol ‘XRPN’. The deal, backed unanimously by both companies’ boards, is expected to close during the first quarter of 2026, pending standard conditions and shareholder approval.
The merger aims to support Ripple’s $1 billion effort to create a digital asset treasury based on XRP, a digital currency. According to Evernorth, the transaction could generate more than $1 billion in total proceeds, including $200 million from SBI and additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Notable participants in the funding also include Ripple co-founder Chris Larsen.
“Evernorth is built to provide investors more than just exposure to XRP’s price. By deploying into TradFi and DeFi yield strategies, we contribute to the growth and maturity of the XRP ecosystem while generating returns for shareholders,” said Asheesh Birla, CEO of Evernorth Holdings. The majority of funds raised will be used for open-market purchases of XRP, though some may be allocated for working capital, general business operations, and transaction costs.
If successful, Evernorth would become the largest XRP-backed digital asset treasury in the U.S., surpassing other efforts such as VivoPower International and Nature’s Miracle Holding, which have announced smaller XRP reserves. Ripple CEO Brad Garlinghouse commented, “Evernorth is deeply aligned with [Ripple’s] mission, bringing more use cases, participation, and confidence to the XRP ecosystem.”
At the time of the announcement, XRP was trading at about $2.46, up 2.3% in the last 24 hours. Retail sentiment toward XRP has been described as trending ‘bearish’ with conversation levels falling from ‘normal’ to ‘low’ over the last day.
For further background, Ripple’s recent acquisition of GTreasury for $1 billion underlines its expanding focus on digital asset treasury management.
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