Evernorth Holdings, a Nevada-based company founded by former Ripple executive Asheesh Birla, is set to make waves in the financial world with its plans to go public through a $1 billion SPAC merger with Armada Acquisition Corp II. This move could position Evernorth as one of the first public companies to anchor its balance sheet in XRP, signaling a growing institutional appetite for digital assets.
The merger, expected to be completed as early as the first quarter of 2026, would see Armada’s Class A shares convert into Evernorth stock on a one-to-one basis. The funding plan includes a significant $200 million commitment from Japan’s SBI Holdings, showcasing strong backing from heavyweight investors.
Evernorth’s primary objective is to use the raised funds to purchase XRP on the open market and build what it calls the largest publicly traded XRP treasury. The company aims to differentiate itself from passive crypto products by employing lending strategies, market liquidity services, and decentralized finance yield programs to increase XRP holdings per share.
Moreover, Evernorth plans to run validators on the XRP Ledger and integrate Ripple’s RLUSD stablecoin to facilitate entry into XRP-based DeFi activities. The company’s leadership team, including CFO Matthew Frymier and COO Meg Nakamura, boasts deep ties to Ripple, with key figures from the company serving as strategic investors and advisers.
Despite the heavyweight Ripple presence, Evernorth emphasizes that it will operate with independent governance. The company expects to file additional documents with U.S. regulators as the merger process progresses, awaiting shareholder votes, regulatory clearance, and review of potential redemptions.
If the merger is successfully completed, Evernorth’s stock, trading under the ticker XRPN on Nasdaq, would provide investors with exposure to XRP’s price dynamics and any returns generated through active treasury management. This move could pave the way for more institutional involvement in the digital asset space, further legitimizing the role of cryptocurrencies in traditional finance.
The announcement of Evernorth’s SPAC deal comes at a time when the financial world is witnessing a growing convergence between digital assets and traditional finance, with institutions increasingly exploring ways to incorporate cryptocurrencies into their investment strategies. The move by Evernorth could set a precedent for other companies looking to leverage digital assets as part of their treasury management strategies.
In conclusion, Evernorth’s $1 billion SPAC deal to build a massive XRP treasury represents a significant milestone in the intersection of digital assets and traditional finance. As institutional interest in cryptocurrencies continues to rise, Evernorth’s innovative approach could pave the way for more companies to explore similar strategies, shaping the future of finance.
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References:
– https://cointelegraph.com/news/evernorth-ripple-spac-xrp-treasury-deal?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
– https://www.financemagnates.com/cryptocurrency/ripple-linked-firm-evernorth-to-go-public-in-1b-spac-deal-to-buy-xrp/
– https://www.pymnts.com/spac/2025/xrp-company-evernorth-plans-1-billion-spac/
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