Ripple-backed Evernorth set for Nasdaq debut as largest XRP treasury

Ripple-backed Evernorth Holdings is set to debut on Nasdaq as the largest publicly traded pure-play $XRP treasury company after shareholders of Armada Acquisition Corp. II approved their proposed business combination, according to an Oct. 1 press release.

The transaction is expected to close Oct. 7, with trading under the “XRPN” ticker expected to start Oct. 8, subject to the remaining closing requirements.

The deal would generate about $300 million in gross cash proceeds before expenses, consisting of $225 million from related private placements, $30 million in incremental convertible note financing and roughly $48 million from trust proceeds. Investors have separately contributed $XRP to the transaction.

Evernorth expects to hold about 473 million $XRP at closing, according to the company, a stash worth $705 million at current market prices. Ripple is among its investors, alongside Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.

The company said its public listing will provide investors with a regulated and liquid way to gain exposure to $XRP. Evernorth plans to grow its $XRP per-share holdings through yield strategies, participation in the $XRP ecosystem and capital markets activities.