Evernorth to Go Public with $1 Billion SPAC Merger

Evernorth, backed by Ripple, plans to go public on Nasdaq in a $1 billion SPAC merger with Armada Acquisition Corp II, anticipated to close by Q1 2026.

This move positions Evernorth as the leading publicly traded XRP fund, impacting XRP liquidity and institutional engagement in crypto markets.

Evernorth’s $1 Billion SPAC Merger Targets XRP Acquisition

Evernorth’s forthcoming Nasdaq listing represents a substantial move in the cryptocurrency sector. The public merger with Armada Acquisition Corp II will see Evernorth raise more than $1 billion, which will be primarily directed towards acquiring XRP for institutional treasury purposes. Major stakeholders contributing to this process include Ripple executives, Chris Larsen, and investors such as Pantera Capital and Kraken. With SBI committing $200 million, Evernorth positions itself as a leader in institutional XRP management.

The merger signifies a transformation in how institutional investments interact with XRP, focusing on building liquidity and enhancing ecosystem growth. As an active platform, Evernorth will use its raised capital to engage in various market operations, increasing its XRP holdings through diverse financial activities.

“Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world… Having worked alongside Asheesh for many years, I’m fully confident in his and the team’s ability to take XRP’s presence in capital markets to the next level with Evernorth.” — Brad Garlinghouse, CEO, Ripple

Market participants and notable figures have reacted to Evernorth’s announcement with interest. Ripple’s CEO, Brad Garlinghouse, expressed confidence in Evernorth’s leadership, particularly in Asheesh Birla’s ability to expand XRP’s role in capital markets. Industry observers await further responses from regulators, with the transaction subject to customary approvals.

XRP’s Market Reaction and Future Implications

Did you know? Prior SPAC entries, such as Bakkt, exhibited mixed results, spotlighting Evernorth’s IPO as a pivotal moment for XRP-focused infrastructure in public markets.

Ripple’s XRP, trading at $2.46 with a market cap of formatNumber(147295639250.75, 2) and a circulating supply of nearly 60 billion, has shown mixed movements over recent periods. XRP’s trading volume rose dramatically, with CoinMarketCap noting a 26.74% increase in the last 24 hours. Despite a 29.89% slump over 90 days, XRP’s market dominance hovers at 3.98%.

Experts from Coincu suggest that Evernorth’s public transition could solidify XRP’s standing in the financial ecosystem. If successful, enhanced liquidity and institutional interest might follow, fueling regulatory scrutiny. The strategic relation to XRP might also prompt further innovations in digital asset management.