Ripple vets and crypto heavyweights back $1 billion Evernorth SPAC to build largest public XRP treasury
Evernorth Holdings is going public via a SPAC merger to create the largest public digital asset treasury composed primarily of XRP.Summary
Evernorth Holdings Inc. is merging with SPAC Armada Acquisition Corp II to go public on Nasdaq under the ticker XRPN, aiming to raise over $1 billion in gross proceeds to establish the largest public digital asset treasury made up of XRP. Key backers include SBI, Ripple, Rippleworks, Pantera Capital, Kraken, and GSR, with participation from Ripple co-founder Chris Larsen. CEO Asheesh Birla, a former Ripple executive, stated the goal is to generate returns for shareholders through institutional lending, liquidity provisioning, and DeFi yield opportunities while supporting XRP's utility. Net proceeds will mainly fund open-market XRP purchases. The company also plans to advance the XRP ecosystem by operating validators and providing liquidity. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz are expected to serve as strategic advisors.
(Source：The Block)