The company Evernorth, backed by Ripple, plans to raise over $1 billion in the US listing to accumulate the XRP token.
Evernorth, a new cryptocurrency company backed by Ripple, announced that its shares will be listed on Nasdaq as a result of a merger with Armada Acquisition Corp II and is expected to generate profits of over $1 billion.
⚠️ The funds raised are planned to be directed towards accumulating XRP.
With the support of major industry players such as SBI, Pantera Capital, and Kraken, the company expects to close the deal in early 2026.
More details have emerged regarding Evernorth - here is the press release, a lot of interesting information:
⚫️ Evernorth Holdings Inc., recently established in Nevada, following the merger with Armada Acquisition Corp II, will trade on Nasdaq under the ticker 'XRPN'.
⚫️ It is expected that the deal will attract more than $1 billion, including $200 million from SBI and additional investments from Ripple, Rippleworks (an independent charitable fund supporting social impact projects around the world), as well as leading leaders and investors in the digital assets and fintech sector, including Pantera Capital, Kraken, and GSR, with participation from Ripple co-founder Chris Larsen and others.
⚫️ The CEO of the company is Ashish Birla, who resigned as general manager of RippleNet in 2022.
⚫️ Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisors. Schwartz confirmed this on his X account.
⚫️ The company's goal is to become the largest public treasury company for XRP.
⚫️ Evernorth also plans to direct resources towards broader development of the XRP ecosystem: managing XRP validators, using the Ripple RLUSD stablecoin as a platform for transitioning to decentralized finance based on XRP, as well as providing liquidity and participating in projects that expand the real applicability of XRP in various markets.
As always, everything is beautiful, if only there was substance. Well, the same faces again. Yes, someone called the company the equivalent of Michael Saylor's 'Strategy', but for XRP.
