Evernorth Holdings, a digital asset business with connections to Ripple Labs, has revealed intentions to transition into a publicly traded entity through a merger with Armada Acquisition Corp. II.
Armada, a special purpose acquisition company (SPAC), currently has a listing on the Nasdaq exchange.
According to an official statement released on October 20, this strategic move seeks to capitalize on investor interest in gaining exposure to digital asset ventures via the public markets.
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Evernorth’s Chief Executive Officer, Asheesh Birla, stated that this initiative is geared towards promoting broader adoption of XRP
He further mentioned that the public listing will offer investors a streamlined avenue to invest in XRP and associated strategies.
The proposed merger is anticipated to secure over $1 billion in gross proceeds. Japan’s SBI Holdings, which previously held a connection with SoftBank, has pledged $200 million of this amount.
Evernorth also anticipates investment commitments from significant players such as Kraken
$611.65M
, Ripple, Pantera Capital, and GSR.
The acquired funds will be strategically deployed to purchase substantial quantities of XRP on the open market. Evernorth aims to accumulate one of the largest XRP holdings globally.
Upon finalization of the transaction, the newly formed entity will be publicly traded on the Nasdaq exchange under the ticker symbol XRPN.
In related news, Rezolve AI, a publicly listed enterprise focused on AI-driven commerce solutions, recently completed the acquisition of Smartpay, a fintech company enabling businesses to accept payments in stablecoins. Discover the objectives behind this acquisition. Read the full story.