Evernorth Targets $1 Billion XRP Treasury in Public Market Debut
Ripple-backed Evernorth Holdings has announced ambitious plans to go public through a merger with Armada Acquisition Corp (AACI), a special-purpose acquisition company (SPAC) listed on Nasdaq. This strategic move is designed to facilitate a major fundraising effort, with Evernorth setting its sights on raising $1 billion to establish the world’s largest institutional treasury dedicated to the digital asset XRP. The company is positioning itself to become a significant player in the digital currency space upon completion of the merger.
A Symbiotic Strategy for Ecosystem Growth
The core of Evernorth’s strategy revolves around the $1 billion in proceeds from its public listing. According to the company, the majority of these funds will be allocated to purchasing XRP directly from the open market. This will form the foundation of its substantial digital asset treasury, while the remaining capital will be used to fund ongoing operations and future expansion initiatives. CEO Asheesh Birla highlighted the vision behind this move, describing it as a “symbiotic model.” He stated, “Our strategy is designed to generate returns for shareholders while supporting XRP’s utility and adoption.” This approach aims to create a mutually beneficial relationship, where the success of Evernorth as a public company is directly linked to the health and growth of the wider XRP ecosystem.
The merger agreement has already received unanimous approval from the boards of directors at both Evernorth and Armada Acquisition Corp. This public listing represents a pivotal moment for Evernorth, enabling it to leverage public market capital to not only build its own value but also to provide significant support for the infrastructure and adoption of XRP. The successful execution of this plan could create a powerful new force in the institutional digital asset landscape, driving both shareholder value and the long-term utility of the cryptocurrency.
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