Ripple-Linked Evernorth to Go Public Through $1 Billion SPAC, Building Massive XRP Treasury

Evernorth Holdings, a company with ties to Ripple Labs, announced plans for an IPO via merger with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company (SPAC). This move aims to attract institutional investors seeking public-market exposure to digital asset treasuries. The transaction is projected to yield over $1 billion in gross proceeds, including a $200 million investment from Japan’s SBI Holdings, with backing also anticipated from Ripple, Pantera Capital, Kraken, and GSR. The funds will be directed towards building one of the world’s largest XRP (XRP) treasuries through open market purchases.