Evernorth is officially stepping into the big leagues 👀
XRP-focused treasury firm Evernorth has filed with the SEC to go public via a SPAC merger with Armada Acquisition Corp. II. After the deal, the company will operate as Evernorth Holdings Inc. and plans to list on Nasdaq under the tickers XRPN and XRPNW. 📊
Here’s where it gets crazy 👇
💰 The company is launching with at least 473 MILLION XRP
🤝 Backed by big names like SBI, Pantera Capital, Kraken, and GSR
🚀 Expected to raise over $1 BILLION
Evernorth isn’t just holding XRP… they’re going ALL IN 🔥
Their strategy includes:
✅ Accumulating XRP as a core reserve
✅ Lending & liquidity to generate yield
✅ Running validators on the XRP Ledger
✅ Using Ripple’s RLUSD stablecoin
CEO Asheesh Birla says this isn’t just about price exposure — it’s about combining traditional finance + DeFi to create real returns while pushing XRP adoption forward.
Meanwhile, Armada Acquisition Corp. II previously raised around $230M in its 2025 IPO.
📉 XRP update:
Currently the #4 largest crypto, market cap around $89.6B, trading near $1.46 (-4% in 24h)
👀 If this plays out, it could be one of the biggest institutional bets on XRP ever.