Ripple-backed Evernorth set for Nasdaq debut as largest XRP treasury
Evernorth plans to grow its XRP per-share holdings through yield strategies, participation in the XRP ecosystem and capital markets activities.
Ripple-backed Evernorth Holdings is set to debut on Nasdaq as the largest publicly traded pure-play XRP treasury company after shareholders of Armada Acquisition Corp. II approved their proposed business combination, according to an Oct. 1 press release.
The transaction is expected to close Oct. 7, with trading under the “XRPN” ticker expected to start Oct. 8, subject to the remaining closing requirements.
The deal would generate about $300 million in gross cash proceeds before expenses, consisting of $225 million from related private placements, $30 million in incremental convertible note financing and roughly $48 million from trust proceeds. Investors have separately contributed XRP to the transaction.
Evernorth expects to hold about 473 million XRP at closing, according to the company, a stash worth $705 million at current market prices. Ripple is among its investors, alongside Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.
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Evernorth aims to provide public-market investors with exposure to XRP through a regulated corporate structure while using the asset across activities including institutional lending, liquidity provision, DeFi strategies and XRP Ledger infrastructure.
The Nevada-based company announced its formation and XRP-focused strategy late last year, alongside a proposed business combination with Armada Acquisition Corp. II.
Evernorth’s strategy has been closely linked to Ripple and the XRP ecosystem. Ripple CEO Brad Garlinghouse and CTO Emeritus David Schwartz have been associated with the company as advisors.