Evernorth to Go Public via Nasdaq Merger With Armada Acquisition Corp II
Evernorth Holdings confirms its SPAC merger with Armada Acquisition Corp II, targeting $1 billion in proceeds—including $200 million from SBI—to create a public XRP treasury and list on Nasdaq as XRPN.
Evernorth Holdings announced an official SPAC merger with Armada Acquisition Corp II and plans to list on Nasdaq under the ticker XRPN in early 2026, pending approvals. The deal aims to raise over $1 billion in gross proceeds, including $200 million from SBI, with additional investments from Ripple, Rippleworks, Pantera, Kraken, GSR, and Chris Larsen. Net proceeds will primarily fund open-market XRP purchases to build a public treasury. Unlike an ETF, the vehicle will be actively managed through lending, liquidity provision, and DeFi strategies to generate yield. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as advisers, while CEO Asheesh Birla leads the company alongside other senior executives.
- SPAC Merger: A process where a private company goes public by merging with a Special Purpose Acquisition Company (SPAC).
- XRP: A digital asset created by Ripple Labs used for efficient and low-cost cross-border transactions.
- DeFi: Short for Decentralized Finance, it refers to blockchain-based financial services that operate without traditional intermediaries.