Evernorth Holdings Set for Nasdaq Debut with $1 billion Raise
Evernorth Holdings Inc., backed by Ripple, is preparing for its Nasdaq debut. The company aims to raise $1 billion,focusing on institutional XRP adoption.
Evernorth will merge with Armada Acquisition Corp II, a special purpose acquisition company. This move will bring in over $1 billion, including $200 million from SBI Holdings. Pantera Capital and Kraken also support the venture.
The listing will establish Evernorth as the largest XRP Treasury
Evernorth Holdings Inc., a Ripple-backed venture, is gearing up for its Nasdaq debut. The company plans to raise $1 billion, focusing on institutional XRP adoption.
Evernorth will merge with armada Acquisition Corp II, bringing in over $1 billion. SBI Holdings will contribute $200 million,with support from Pantera Capital and Kraken.
This listing aims to create the largest XRP treasury company.Evernorth offers investors a simple, liquid, and transparent way to gain exposure to XRP. Unlike passive exchange-traded funds, it focuses on institutional lending, liquidity provisioning, and decentralized finance yield.
Asheesh Birla, CEO of Evernorth, said, “We’re not just about XRP’s price. Our strategy aligns with the growth of the XRP ecosystem, generating returns for shareholders.”
Ripple CEO Brad Garlinghouse praised the move, highlighting the support from key investors. This comes after Ripple’s acquisition of GTreasury and the end of its legal battle with the SEC.
XRP is among the cryptocurrencies expected to receive a spot ETF nod from the SEC. The U.S.’s crypto-friendly stance further boosts this outlook.
