Evernorth to Go Public in $1B XRP Push via Nasdaq SPAC

Evernorth to Go Public in $1 Billion XRP Push via Nasdaq SPAC Merger

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 21, 2025

Key Takeaways

Evernorth Holdings will go public by merging with Nasdaq-listed SPAC Armada Acquisition Corp. II to meet growing investor demand;
The deal is expected to raise over $1 billion, including $200 million from Japan’s SBI Holdings, with additional backing from crypto firms;
Evernorth plans to use the funds to build a large XRP reserve and expand access to XRP-focused investment strategies through public markets.

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Evernorth Holdings, a digital asset company connected to Ripple Labs, has announced plans to become a publicly traded company by merging with Armada Acquisition Corp. II.

Armada is a special purpose acquisition company (SPAC) listed on the Nasdaq.

This decision, according to a press release published on October 20, is intended to meet demand from investors who want access to digital asset companies through the stock market.

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According to Evernorth CEO Asheesh Birla, this effort aims to increase the use of XRP XRP $2.42 , especially as more attention turns to decentralized finance (DeFi).

He said the public listing will give investors an easy way to gain exposure to XRP and related strategies.

The planned merger is expected to bring in over $1 billion in funding. Out of this total, $200 million will come from Japan's SBI Holdings, a company with past links to SoftBank.

Evernorth also expects to receive investment support from Kraken $690.74M , Ripple, Pantera Capital, and GSR.

The money raised will be used to buy large amounts of XRP on the open market. Evernorth's goal is to create one of the biggest reserves of XRP in the world.

Once the deal is completed, the new company will be listed on the Nasdaq under the symbol XRPN.

Meanwhile, Rezolve AI, a publicly traded company focused on AI-powered commerce tools, recently acquired Smartpay, a financial technology firm that enables businesses to accept stablecoin payments. What is the goal of this acquisition? Read the full story.