Evernorth Holdings, a digital asset firm with connections to Ripple Labs, has announced plans to go public via a merger with the Nasdaq-listed Special Purpose Acquisition Company (SPAC) Armada Acquisition Corp. II. The move, which aims to capitalize on rising institutional demand for publicly traded digital asset treasury firms, is expected to generate over $1 billion in gross proceeds, the firms said in a press statement.
The funding includes a cornerstone $200 million investment from Japan’s SBI Holdings, a company with historical ties to SoftBank. Further strategic backing is anticipated from major industry players, including Ripple, Pantera Capital, Kraken, and GSR. Upon completion of the merger, the combined entity will trade on the Nasdaq stock exchange under the ticker symbol XRPN.
Evernorth’s primary strategy for the newly raised capital is to amass one of the world’s largest XRP treasuries through open-market purchases of the digital asset.
Asheesh Birla, CEO of Evernorth, stated that the new public investment vehicle is designed to “accelerate XRP adoption” by offering investors a regulated, public-market avenue to gain exposure to XRP and related digital-asset strategies amid growing interest in Decentralized Finance (DeFi).
The SPAC announcement follows a series of major initiatives by Ripple Labs:
- Internal Treasury Plan: Ripple is reportedly planning to raise approximately $1 billion through XRP sales to establish its own internal digital-asset treasury.
- Acquisition: Ripple recently agreed to acquire GTreasury, a corporate treasury management platform, in a deal valued at about $1 billion, as part of its strategy to expand enterprise liquidity and payment infrastructure.
Evernorth’s move, alongside similar strategies unveiled by other companies like VivoPower, underscores a wider growing institutional interest in the XRP token.
