Ripple-linked Evernorth to go public in $1B SPAC to build massive XRP treasury
The move could make Evernorth one of the first public companies to anchor its balance sheet in XRP, signaling growing institutional appetite for digital assets.
Evernorth Holdings, a digital asset company with ties to Ripple Labs, announced plans to go public through a merger with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company (SPAC), in a move aimed at tapping growing institutional demand for publicly traded digital asset treasury firms.
The transaction is expected to generate more than $1 billion in gross proceeds, including a $200 million investment from Japan’s SBI Holdings, a company with historical ties to SoftBank. Additional backing is expected from Ripple, Pantera Capital, Kraken and GSR, the company said.
Evernorth said the funds will be used to build one of the world’s largest XRP (XRP) treasuries through open-market purchases of the digital asset.