Evernorth Targets Nasdaq Listing With $1 Billion XRP SPAC Deal

Evernorth Files for $1B SPAC to List on Nasdaq as $XRPN

XRP-focused treasury firm Evernorth Holdings filed a Form S-4 with the U.S. Securities and Exchange Commission on Wednesday, initiating a plan to go public through a $1 billion deal. The business combination with special purpose acquisition company (SPAC) Armada Acquisition Corp II (Nasdaq: AACI) will result in Evernorth listing on the Nasdaq under the ticker symbol $XRPN.

This transaction positions Evernorth to become the world's largest publicly traded company dedicated to holding and managing XRP. The move is designed to provide institutional and retail investors with a regulated, liquid, and transparent vehicle for exposure to the digital asset, marking a significant step in connecting traditional capital markets with the XRP Ledger ecosystem.

Active Treasury Model Aims to Acquire Over 473M XRP

Unlike a passive exchange-traded fund (ETF) that simply tracks an asset's price, Evernorth will function as an active, yield-generating corporate treasury. This model is comparable to MicroStrategy's approach to Bitcoin but integrates a decentralized finance (DeFi) engine. The company plans to use the net proceeds from the deal to fund open-market purchases of XRP, building a foundational treasury projected to hold a minimum of 473 million XRP.

Evernorth’s strategy focuses on actively growing its XRP holdings per share over time. Operations will include institutional lending, participation in DeFi protocols, running network validators, and providing liquidity. This structure provides a familiar entry point for institutional investors who require regulated and actively managed exposure to digital assets.

Ex-Ripple Exec Leads Firm Backed by Pantera and SBI

The company is spearheaded by CEO Asheesh Birla, a former senior executive at Ripple who was instrumental in scaling its cross-border payments business. This leadership provides deep ties and expertise within the XRP ecosystem.

Evernorth's strategy is supported by over $1 billion in capital raised alongside prominent investors, including Ripple, SBI Holdings, Pantera Capital, and Arrington Capital. This backing from a mix of crypto-native and traditional finance heavyweights underscores strong market confidence in the company's mission to bridge institutional capital to the XRP Ledger.