Ripple-backed Evernorth eyes Nasdaq debut with $1b for XRP treasury

Evernorth Holdings Inc., a Ripple-backed venture firm aimed at advancing institutional XRP adoption, is set for its public debut on Nasdaq amid a $1 billion raise.

Evernorth plans to list on the Nasdaq via a merger with publicly traded special purpose acquisition company Armada Acquisition Corp II, according to details in a press release published on Monday.

The business combination with the blank-check firm will launch Evernorth with over $1 billion in proceeds, including $200 million from SBI Holdings, alongside support from Pantera Capital and Kraken.

According to details, the expected debut in the U.S. will put into motion the overall trajectory towards creating the largest XRP ( XRP ) treasury company.

An XRP treasury vehicle

Evernorth eyes a solution that allows investors to benefit from a simple, liquid, and transparent way of gaining exposure to XRP. 

The publicly listed entity will offer this avenue, going beyond what passive exchange-traded funds do. As highlighted, the company’s goal is to grow the per share value for shareholders through focus on aspects such as institutional lending, liquidity provisioning, and decentralized finance yield.

“Evernorth is built to provide investors more than just exposure to XRP’s price,” said Asheesh Birla, chief executive officer of Evernorth. “As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”

Ripple chief executive officer Brad Garlinghouse commented on the public listing via X:

The move comes days after reports Ripple was looking to raise $1 billion for an XRP treasury strategy, and also hot on the heels of the crypto company’s acquisition of digital asset treasury management firm GTreasury. 

Ripple has attracted increased attention in recent months, with the end of its legal battle with the U.S. Securities and Exchange Commission a key catalyst. The overall crypto-friendly stance in the U.S. is also aiding this outlook.

XRP is one of the cryptocurrencies expected to receive a regulatory nod for a spot ETF from the SEC.