Evernorth Plans Nasdaq Listing to Raise Over $1B for XRP Treasury Growth
Ripple-backed Evernorth filed to list on Nasdaq through a merger with SPAC Armada Acquisition Corp. II, aiming to raise over $1 billion to scale its XRP treasury. The company plans active treasury management, open-market purchases, on-chain yield strategies, own XRP Ledger validators and RLUSD integration for institutional lending.
1. SPAC Merger and Nasdaq Listing
Evernorth Holdings filed with regulators to merge with Armada Acquisition Corp. II and list on Nasdaq under the ticker XRPN. The transaction is expected to raise over $1 billion in gross proceeds, which will fund the expansion and scaling of its digital asset treasury.
2. XRP Treasury Expansion Strategy
Led by CEO Asheesh Birla, Evernorth intends to grow its XRP per share by actively managing its treasury through open-market purchases and on-chain yield strategies. Institutional investors including SBI Holdings, Pantera Capital, Kraken, GSR and Ripple co-founder Chris Larsen have already committed capital to the venture.
3. SEC Classification and Strategic Integration
With XRP formally classified as a digital commodity, Evernorth plans to operate its own validators on the XRP Ledger to enhance network security and transaction throughput. The firm will also integrate Ripple’s RLUSD stablecoin to facilitate institutional lending and settlement on-chain.