The American firm Evernorth Holdings Inc. introduced this Monday, October 20, its public launch and a enterprise mixture settlement with the particular objective acquisition agency (SPAC) Armada Acquisition Corp II. The operation goals create the biggest publicly traded XRP digital asset treasury firm.
Following the closing of the transaction, the mixed firm will function below the title Evernorth and will probably be listed on the Nasdaq below the ticker “XRPN.”
The transaction expects to lift greater than USD 1 billion in gross income. In response to the assertion, the spherical contains $200 million from SBI, together with further investments from Ripple, Pantera Capital, Kraken and GSR.
The web funds will probably be used primarily for purchases of XRP on the open market to construct the corporate’s institutional treasury.
The Armada Acquisition (AACI) share worth, which traditionally confirmed excessive volatility, has no particular worth actions attributable to this announcement:
An lively XRP treasury automobile
Evernorth will perform as a treasury automobile to supply buyers publicity to the digital asset XRP. Not like a passive exchange-traded fund (ETF), the agency will actively search to extend its XRP holdings per share by taking part in institutional lending, liquidity provision, and yield alternatives in decentralized finance (DeFi).
The brand new firm will probably be led by CEO Asheesh Birla, who was a senior government at Ripple. Though Evernorth will keep impartial governance, Ripple (the corporate) will take part as a strategic investor.
Ripple executives, together with CEO Brad Garlinghouse, to behave as strategic advisors to “guarantee operational independence,” in accordance with Evernorth’s assertion.
The merger is anticipated to be accomplished within the first quarter of 2026, topic to customary closing circumstances and shareholder approval.
As CriptoNoticias has reported, there are not less than 7 corporations which have already begun to build up XRP or have expressed their intentions to take action within the close to future.
