Ripple, Kraken, and Pantera Among Backers
The merger’s expected $1 billion haul will include strategic investments from Ripple, Ripple Works, and leading digital asset investors such as Pantera Capital, Kraken, and GSR. Part of the proceeds will be used for open-market XRP purchases, bolstering what Evernorth calls a “leading institutional XRP treasury.”
Funds will also go toward working capital, corporate purposes, and transaction costs, while a significant portion will be dedicated to advancing the XRP ecosystem itself.
Ripple CEO Brad Garlinghouse praised the move, saying, “Evernorth is deeply aligned with Ripple’s mission — enhancing XRP’s global utility for faster and more efficient payments.”
The Road to Nasdaq
Armada Acquisition Corp II, which went public in May, raised $230 million in its IPO. The newly formed Evernorth entity expects to finalize the merger in early 2026, pending shareholder and regulatory approvals.
Advising the deal are several powerhouse firms: Citigroup Global Markets acted as the private placement agent and capital markets adviser to Evernorth, with legal counsel from Skadden Arps Slate Meagher & Flom LLP. Davis Polk & Wardwell LLP represented both Evernorth and Ripple, led by partners Daniel Gibbons and Derek Dostal.
Legal counsel for Wilson Sonsini’s team, representing the SPAC, has yet to be disclosed
