Evernorth to Go Public via $1 Billion SPAC Merger

Evernorth, a Ripple-backed startup, is set to go public through a $1 billion merger with Armada Acquisition Corp II. This move, backed by a $200 million investment from SBI Holdings, aims to establish Evernorth as a major player in managing XRP for institutional investors. The SPAC merger, expected to close in the first quarter of 2026, will raise over $1 billion. This substantial capital injection positions Evernorth to become a leading force in XRP management and accelerate its adoption within broader financial markets. SBI Holdings’ investment underscores the significance of this partnership for driving institutional interest in XRP.