Ripple-linked Evernorth To Go Public In $1B SPAC To Build Massive XRP Treasury

Evernorth Holdings, a digital asset company with ties to Ripple Labs, announced plans to go public through a merger with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company (SPAC), in a move aimed at tapping growing institutional demand for publicly traded digital asset treasury firms.

The transaction is expected to generate more than $1 billion in gross proceeds, including a $200 million investment from Japan’s SBI Holdings, a company with historical ties to SoftBank. Additional backing is expected from Ripple, Pantera Capital, Kraken and GSR, the company said.

Evernorth said the funds will be used to build one of the world’s largest XRP treasuries through open-market purchases of the digital asset.

Upon completion of the merger, the combined company is expected to trade on the Nasdaq under the ticker symbol XRPN.

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