American firm Evernorth Holdings introduced this Monday, October 20, an preliminary public providing and enterprise mixture settlement with particular acquisition firm (SPAC) Armada Acquisition Corp. II. The aim of the operation is Creating the most important publicly traded XRP digital asset treasury firm.
Upon completion of the transaction, the mixed firm will function beneath the identify Evernorth and might be listed on the Nasdaq beneath the ticker “XRPN.”
transaction Anticipated to earn greater than $1 billion in gross income. The spherical contains $200 million from SBI, in addition to extra investments from Ripple, Pantera Capital, Kraken, and GSR, in response to a press release.
Web proceeds will primarily be used to buy: XRP Construct a company warehouse within the open market.
Armada Acquisition (AACI) inventory has traditionally been extremely unstable, however this announcement has not brought about any explicit value motion.
Lively XRP Treasury Automobile
Evernorth works like this: A monetary instrument providing buyers publicity to the digital asset XRP. In contrast to passive exchange-traded funds (ETFs), the corporate actively seeks to extend its per-share XRP holdings by way of institutional lending, liquidity provision, and participation in decentralized finance (DeFi) yield alternatives.
The brand new firm might be led by CEO Asheesh Birla, a former senior government at Ripple. Evernorth will preserve impartial governance, whereas Ripple will take part as a strategic investor.
Ripple executives together with CEO Brad Garlinghouse function strategic advisors Evernorth mentioned in a press release that this was executed to “guarantee operational independence.”
The merger is anticipated to shut within the first quarter of 2026, topic to customary closing situations and stockholder approval.
As reported by CriptoNoticias, no less than seven corporations have already began accumulating XRP or have introduced their intention to take action within the close to future.
