U.S. Treasury · Decrypt
The 'Largest Pure-Play' XRP Treasury Is About to Go Public
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
Evernorth, a treasury company built around XRP, has cleared the last major obstacle to going public, with shareholders approving its merger and setting the stage for a Nasdaq listing next week.
Key facts
- The company first unveiled its plan to go public around a $685 million XRP stash, part of a Ripple-backed effort to raise $1 billion to accumulate the token
- The deal is expected to close Oct. 7, with Evernorth's Class A common stock slated to begin trading Oct. 8 under the ticker "XRPN
- The merger and related fundraising have pulled in more than $1 billion
- Evernorth is backed by a roster of crypto heavyweights, including Ripple, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital
Summary
Evernorth cleared its final hurdle to go public after Armada Acquisition Corp. II shareholders approved their merger Sept. 30. The transaction and related placements raised over $1 billion for what the company calls the largest publicly traded pure-play XRP treasury. Backed by Ripple, Pantera, Kraken and others, it joins the crypto-treasury trend, with fortunes tied to XRP's volatile price. The company said Wednesday that shareholders of Armada Acquisition Corp. II, the blank-check company Evernorth is merging with, voted to approve the business combination at a meeting Sept. 30.