Ripple-backed crypto venture Evernorth to list on Nasdaq through a merger with Armada Acquisition Corp II

Evernorth is set to list publicly on the Nasdaq through a merger with Armada Acquisition Corp ￰0￱ merger follows the current trend of crypto ventures using special-purpose acquisition companies (SPACs) to go public, rather than the more complex and time-consuming traditional IPO ￰1￱ newly formed company will focus on accumulating XRP, which is the cryptocurrency closely linked to Ripple and currently the fifth-largest digital asset by market capitalization, according to CoinGecko ￰2￱ is set to build the largest public XRP treasury Evernorth, a new digital asset venture backed by Ripple, announced plans on Monday to list on the Nasdaq through a merger with Armada Acquisition Corp II (AACI.

O). The deal, expected to close in the first quarter of 2026, is also projected to raise more than $1B in ￰3￱ finalized, it will be one of the largest crypto-related public listings since ￰4￱ the resolution of Ripple’s long-running legal battle with the ￰5￱ and Exchange Commission (SEC), there has been renewed optimism in the crypto market for the ￰6￱ lawsuit accused Ripple of selling unregistered securities to institutional investors, but it was settled earlier this year. Evernorth’s decision to go public shows a growing confidence in a more crypto-friendly regulatory environment under the Trump administration, which has so far embraced blockchain innovation and digital ￰7￱ draws institutional ambitions Evernorth will be led by Asheesh Birla, a former Ripple executive and a veteran of the blockchain ￰8￱ stated that he would be stepping down from Ripple’s board to take on the new role as Evernorth’s CEO.

“I lost track around how many asset-holding plays are there around Ethereum,” Birla ￰9￱ hinted at the firm’s aim to build a similar institutional model for managing XRP. Evernorth’s backers include the Japanese financial group SBI Holdings, which was formerly affiliated with ￰10￱ company is contributing $200M of the total sum in exchange for ￰11￱ co-founder Chris Larsen, as well as Pantera Capital and Kraken, are also among the participants in the funding ￰12￱ four have extensive experience in digital asset investment and have previously supported infrastructure projects aimed at expanding blockchain use ￰13￱ confirmed that Evernorth plans to expand through acquisitions and build a dedicated investment team to manage its ￰14￱ company also aims to explore ways to integrate XRP-backed assets into capital markets and potentially issue tokenized assets tied to XRP ￰15￱ equity and crypto markets are currently volatile following the largest sell-off of digital assets on record earlier this ￰16￱ liquidation wave was triggered by an escalation of trade tensions between the ￰17￱ China under President Donald ￰18￱ warn that more crypto-linked public companies could see more pain as market losses extend and stock prices ￰19￱ these concerns, the move is being viewed as a way to stabilize XRP’s long-term ￰20￱ company’s treasury model aims to mirror traditional asset management strategies, allowing investors to gain regulated exposure to XRP through equity markets instead of direct token ￰21￱ your project in front of crypto’s top minds?

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