XRP / RLUSD News: Ripple and Kraken Back SPAC Aiming to Build $1B Public XRP Treasury
A new Ripple-backed firm, Evernorth Holdings, plans to go public via a SPAC merger to create a $1 billion publicly traded XRP treasury.Summary
Evernorth Holdings, a newly formed Nevada company backed by Ripple, announced plans to merge with a blank-check firm, Armada Acquisition Corp II (AACI), to list on Nasdaq under the ticker XRPN. The transaction is expected to raise over $1 billion, including a $200 million commitment from SBI, with other backers including Ripple, Rippleworks, Pantera Capital, Kraken, and Chris Larsen. The primary goal is to use most net proceeds to buy XRP on the open market to build an institutional treasury. Evernorth positions itself as a public vehicle offering XRP exposure while actively seeking to grow XRP per share through yield strategies like lending to institutions, providing liquidity, and engaging in decentralized finance (DeFi). CEO Asheesh Birla stated the intent is to generate returns for shareholders while reinforcing XRP's utility, including plans to run XRP Ledger validators and utilize Ripple's RLUSD stablecoin for DeFi on-ramps. The deal requires shareholder approvals and regulatory review.
(Source：CoinDesk)