Key facts
- Evernorth will become the largest publicly traded pure-play XRP treasury.
- The company expects to hold approximately 473 million XRP.
- The merger with Armada Acquisition Corp. II was approved by shareholders on September 30.
- The transaction and related placements raised over $1 billion.
- Evernorth is backed by Ripple, Pantera Capital, Kraken, and others.
- Evernorth's stock is expected to trade on the Nasdaq under the ticker XRPN starting October 8.
Evernorth, a company focused on accumulating and holding XRP, has cleared its final regulatory hurdle to go public. Shareholders of Armada Acquisition Corp. II, a special purpose acquisition company, approved the merger with Evernorth on September 30. The transaction, which includes private placements and convertible note financing, is expected to close on October 7, with Evernorth's Class A common stock slated to begin trading on the Nasdaq on October 8 under the ticker symbol "XRPN."
The combined entity has raised over $1 billion, with approximately $300 million in gross cash proceeds expected before expenses. Investors have also contributed XRP directly, and Evernorth anticipates holding about 473 million XRP upon closing, which it states will make it the largest publicly traded pure-play XRP treasury. Asheesh Birla, Evernorth's founder and CEO, stated that going public will offer investors a regulated and transparent way to gain XRP exposure and participate in the blockchain economy.
Evernorth's backers include prominent crypto firms such as Ripple, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital. The company's strategy involves growing its XRP holdings per share over time through yield strategies, ecosystem participation, and capital markets activities. This model mirrors the trend of digital-asset treasuries, where public companies stockpile a single crypto asset, tying their share price to its performance, a strategy pioneered by Michael Saylor's MicroStrategy with Bitcoin. However, this structure carries inherent risks, as Evernorth's fortunes will be closely tied to XRP's volatile price.