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Ripple-backed Evernorth continues to attract market attention with its aim to create the largest publicly traded $XRP treasury.
At this point, Evernorth stands out as an initiative aimed at promoting the adoption of $XRP on an institutional scale. The company aims to merge with a SPAC called Armada Acquisition Corp. II, be traded on the Nasdaq under the symbol “XRPN,” and establish an $XRP treasury.
As part of this plan, the formal process has begun, and Evernorth has applied for a SPAC merger to be listed on Nasdaq and to create a strategic $XRP reserve.
According to the Financial Times, Evernorth has filed an S-4 application with the U.S. Securities and Exchange Commission (SEC) for a merger with special purpose acquisition company (SPAC) Armada Acquisition.
If the merger is successful, the company will begin trading on Nasdaq under the ticker symbol XRPN.
Evernorth CEO Asheesh Birla stated that Evernorth’s strategy after its IPO is to establish a digital asset treasury holding $XRP as the base asset.
“Digital assets are becoming a fundamental element of capital markets. The main goal is to provide a channel for institutional investors to invest in $XRP within a regulated structure.”
With major investors such as Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken among its investors, Evernorth has raised over $1 billion in funding to date. The company plans to use this money to expand its $XRP holdings and strengthen its participation in the relevant ecosystem.
*This is not investment advice.