Evernorth, Supported by Ripple, Aims for Nasdaq Listing with $1 Billion XRP Treasury Target

Evernorth's Merger Plans: Evernorth is set to merge with Nasdaq-listed Armada Acquisition Corp II to raise over $1 billion, aiming to create the largest publicly traded XRP treasury and trade under the ticker "XRPN."

Funding and Institutional Support: The funding round has attracted significant investments, including $200 million from SBI Holdings, with backing from Ripple, Pantera, and others, reflecting strong institutional confidence in the XRP initiative.

Strategic Vision: Led by ex-Ripple executive Asheesh Birla, Evernorth plans to build a substantial XRP reserve and enhance liquidity using both traditional and decentralized finance tools, while also exploring acquisitions.

Market Trends and Future Outlook: The deal aligns with a growing trend of firms integrating digital assets into their balance sheets, as regulatory clarity improves, and is expected to close in early 2026, marking a significant step in linking blockchain assets with public markets.