Evernorth’s $1B+ SPAC Splash: Ripple Fuels Massive XRP Treasury
The company stated it will provide a special link for institutional investors seeking regulated, scalable exposure to the cryptocurrency asset
Quick overview
- Armada Acquisition Corp II and Evernorth have entered into a business combination agreement to promote institutional adoption of Ripple (XRP).
- The deal is expected to generate over $1 billion in gross proceeds, with significant contributions from Ripple Labs, SBI, and other notable investors.
- The combined entity will operate under the Evernorth name and is anticipated to trade on Nasdaq under the ticker symbol 'XRPN'.
- Evernorth plans to build an institutional treasury for XRP and engage in various financial activities to increase its holdings.
Live XRP/USD Chart
Armada Acquisition Corp II, a publicly traded special purpose acquisition company (SPAC), and Evernorth, a recently formed Nevada corporation focused on promoting institutional adoption of Ripple (XRP), have officially launched and entered into a business combination agreement.
The company stated it will provide a special link for institutional investors seeking regulated, scalable exposure to the cryptocurrency asset by combining public market access with an active treasury model. After the deal closes, the combined entity will operate under the Evernorth name and is expected to trade on the Nasdaq under the ticker symbol “XRPN,” subject to standard listing requirements.
The press release states that the deal is expected to generate over $1 billion in gross proceeds. In addition to further investments from Ripple Labs and Rippleworks, a nonprofit organization supporting social impact initiatives, SBI has contributed $200 million to this total. Other notable investors in fintech and digital assets include GSR, Kraken, and Pantera Capital. Chris Larsen, a co-founder of Ripple, will also participate.
Most of the proceeds will be used to build a substantial institutional treasury for XRP by purchasing the asset on the open market.
Some funds will support corporate operations, working capital, and transaction costs. Through involvement in institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities, Evernorth plans to gradually increase its XRP holdings per share, unlike a traditional passive ETF.
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