Ripple-linked Evernorth to go public in $1B SPAC to build massive XRP treasury
Ripple-linked Evernorth is merging with a SPAC to raise over $1 billion to establish one of the world's largest XRP treasuries.Summary
Evernorth Holdings, a digital asset company connected to Ripple Labs, plans to go public via a merger with the SPAC Armada Acquisition Corp. II, aiming to generate over $1 billion in gross proceeds. This funding, supported by investors including SBI Holdings, Ripple, Pantera Capital, Kraken, and GSR, will be used to build one of the world's largest XRP treasuries through open-market purchases. Upon completion, the combined entity is expected to trade on the Nasdaq under the ticker symbol XRPN. Evernorth CEO Asheesh Birla stated the move is designed to accelerate XRP adoption by offering public-market exposure to XRP and related digital-asset strategies. This development follows reports of Ripple's own plans to raise $1 billion via XRP sales and its acquisition of treasury management platform GTreasury, highlighting growing institutional interest in digital asset treasury strategies, despite skepticism from some traditional finance figures regarding the broader DAT model.
(Source：Cointelegraph)