Evernorth announced plans to list on the Nasdaq through a business combination with Armada Acquisition Corp II, a transaction expected to close in the first quarter of 2026 and to raise more than $1 billion in gross proceeds. The combined company is expected to operate under the Evernorth name with the ticker symbol “XRPN”, subject to satisfaction of Nasdaq listing requirements, and the deal is structured as a SPAC merger that would convert Evernorth into a public entity upon closing. The financing package includes PIPE commitments and strategic investments aimed at creating substantial treasury capital, while a portion of proceeds will be reserved for working capital, corporate purposes, and transaction expenses. Listings on prestigious exchanges like Nasdaq typically signal credibility and can drive event-driven price spikes that attract investor attention. Evernorth’s stated objective is to build the largest institutional XRP treasury worldwide, directing net proceeds primarily toward open-market purchases of XRP and managing those holdings actively to increase XRP per share over time. The vehicle is positioned as a transparent, liquid, US-listed instrument providing institutional exposure to XRP, and it distinguishes itself from passive exchange-traded funds by pursuing active treasury operations such as institutional lending, liquidity provisioning, and DeFi yield strategies. These initiatives are intended to enhance value for shareholders, while the company emphasizes risk management across its treasury activities. The transaction has drawn notable support from ecosystem participants, including a pledged $200 million investment from SBI Group and additional commitments from Ripple, the Rippleworks foundation, Pantera Capital, Kraken, GSR, and participation by Ripple co-founder Chris Larsen alongside other fintech leaders. This roster of backers reflects concentrated interest from leading digital asset investors and institutional funds, signaling alignment with the Ripple ecosystem and broader industry stakeholders. Their involvement contributes to the gross proceeds target and to market credibility, though it may prompt scrutiny regarding related-party dynamics. The timing of the Nasdaq listing follows renewed institutional appetite for crypto exposure and a broader trend of SPAC-driven public listings, with SPAC mergers comprising a substantial share of U.S. IPO activity in 2025. Observers should note regulatory and market risks, including the need to meet listing standards and to manage volatile digital-asset markets, which could affect treasury outcomes and investor returns. The deal was reported by Reuters on October 20, 2025 and is seen as part of a broader movement of crypto firms pursuing public listings via SPACs, reflecting growing investor appetite. Pathfinder Digital Assets LLC is also expected to issue units in connection with the Proposed Transactions, reflecting Pathfinder participation.
