In a high-stakes move that could redefine digital asset investment, Evernorth Holdings Inc., advised by Davis Polk & Wardwell LLP, announced Monday its plan to go public through a merger with Armada Acquisition Corp II, a special purpose acquisition company guided by Wilson Sonsini Goodrich & Rosati PC. The deal is set to generate over $1 billion in gross proceeds, according to the company’s statement.
Once completed, the combined entity will operate under the Evernorth name and trade on the Nasdaq under the ticker XRPN.
A New Gateway to XRP Investments
Evernorth’s mission is to offer investors “simple, liquid, and transparent” access to XRP, the native token of the XRP Ledger, a blockchain network created by Ripple Labs. Beyond merely tracking XRP’s price, the company plans to amplify returns through institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield strategies.
“Evernorth is built to provide investors more than just exposure to XRP’s price,” said CEO Asheesh Birla. “We aim to blend traditional finance yield generation with decentralized opportunities, growing XRP’s utility and ecosystem.”
