XRP Treasury Firm Evernorth Inches Closer to Public Listing With $685 Million Stash
Evernorth Holdings plans to become the largest publicly traded XRP treasury, launching with at least 473 million XRP valued at about $685 million, according to an SEC S-4 filing. The company raised over $1 billion to accumulate XRP, receiving major contributions from both Ripple and Arrington Capital. Evernorth’s public listing will occur through a merger with SPAC Armada Acquisition Corp. II, which trades as XRPN. Its XRP treasury will consist of tokens contributed by Arrington Capital, additional XRP pledged by Ripple, and tokens purchased at an average price of $2.53—now worth less due to price declines. Evernorth’s strategy centers on acquiring and actively managing XRP, earning yield via DeFi, and pursuing international growth, initially in Japan and South Korea. The company aims to offer investors transparent exposure to XRP and believes its public valuation will be attractive. The SPAC transaction and regulatory review remain pending. XRP is currently down 60% from its all-time high and is the fourth-largest crypto asset by market cap.
