Evernorth to Go Public, Raising Over $1bn for Institutional XRP Treasury
Evernorth to Go Public via $TGLSU, Raising Over $1bn for Institutional XRP Treasury, Evernorth Holdings Inc., which plans to go public through a combination with Armada Acquisition Corp II This deal is expected to generate more than $1 billion.
The combined company which will be based in Nevada and trade on the Nasdaq stock market under the moniker XRPN, pending regulatory approval would assume 888’s debt as part of the transaction. They hope to create the largest XRP treasury for institutions, meaning they will control large amounts of something called XRP, a form a digital money.
The agreement includes a $200 million commitment from SBI Holdings, as well as support from Ripple and other large investors. The funds collected will be used to purchase XRP and/or for other company-related expenses.
It comes hot on the heels of some new investment products for XRP being given the go ahead, making it simpler for ordinary people to invest. Evernorth’s plan is similar but written for bigger companies. They want to make use of XRP on a larger scale than simple investment side.
Evernorth is here to give investors more than just a way to jockey XRP’s price, said Asheesh Birla, who serves as CEO of Evernorth.They plan to use their money to support lending XRP, and they want to earn more from it in the long run.
Birla is under the guidance of a seasoned team, consisting Matthew Frymier (CFO), Meg Nakamura (COO), Jessica Jones (CLO) and Sagar Shah (CBO). Ripple, the company behind XRP, is also a major investor. Several Ripple executives will help steer Evernorth’s growth.
Following the merger, Evernorth intends to assist in running XRP ledger validators machines that maintain XRP transactions on a decentralized database use Ripple’s stablecoin for projects and develop infrastructure for using the distributed ledger protocol in payments and other markets.
The combined company’s board has been approved by each companies’ boards and is expected to be completed in the first half of 2026, subject to support from shareholders.
