Evernorth, a company backed by players close to Ripple, said it will go public through a SPAC merger that aims to build a large, public XRP treasury. Based on reports and regulatory filings, the deal would list the new company on Nasdaq under the ticker XRPN and raise more than $1 billion in gross proceeds.

Evernorth Teams With Armada Acquisition Corp II

According to filings, Evernorth has signed a business combination agreement with Armada Acquisition Corp II (AACI). The transaction is structured as a SPAC and is expected to bring in over US$1 billion before costs and possible shareholder redemptions.

Reports have disclosed that Japan’s SBI Holdings has committed US$200 million as an anchor investor. Other backers named in the filings include Ripple, Pantera Capital, Kraken, GSR,

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