Evernorth Files for Nasdaq Listing, Targets $1B to Expand XRP Treasury
Evernorth Holdings filed to list on Nasdaq via a merger with SPAC Armada Acquisition Corp. II, aiming to raise over $1 billion for scaling its XRP treasury. Institutional backers include SBI Holdings, Pantera Capital, Kraken, GSR and Chris Larsen, with Ripple Labs executives serving as strategic advisors.
1. SPAC Merger and Nasdaq Listing
Evernorth has filed to merge with special purpose acquisition company Armada Acquisition Corp. II and list on Nasdaq under the XRPN ticker. The deal is designed to secure over $1 billion in gross proceeds for the company’s strategic initiatives.
2. XRP Treasury Expansion Strategy
Raised funds will expand Evernorth’s XRP treasury, using open-market purchases and on-chain yield strategies to grow XRP holdings per share. The firm plans to combine public-market governance with blockchain-based financial infrastructure to optimize asset management.
3. Institutional Backing and Advisors
The merger features backing from SBI Holdings, Pantera Capital, Kraken, GSR and Ripple co-founder Chris Larsen. Executives from Ripple Labs, including Brad Garlinghouse, Stuart Alderoty and David Schwartz, will act as strategic advisors.
4. Ledger Infrastructure and RLUSD Integration
Evernorth intends to operate its own validators within the XRP Ledger ecosystem and integrate Ripple’s RLUSD stablecoin to support institutional transactions and lending. These steps aim to enhance liquidity and capital deployment efficiency.