XRP’s Nasdaq Moment Is Here: Evernorth Completes Merger
Key Summary
Evernorth, a treasury company focused on XRP, has completed its merger with Armada Acquisition Corp. II, clearing the final hurdle for its Nasdaq debut. The company will list on the exchange with approximately 473M XRP and $300M in cash proceeds, and will actively manage its XRP holdings to increase its value over time.
XRP Makes Historic Nasdaq Debut via Evernorth Merger
Background
Evernorth, a treasury company focused on XRP, has officially completed its business combination with Armada Acquisition Corp. II, clearing the final major hurdle before its Nasdaq debut. Evernorth will enter the public markets holding approximately 473 million Ripple tokens and around $300 million in gross cash proceeds.\\n\n
Market Impact
The development will allow public-market investors to gain access to one of the largest corporate XRP treasury firms, which intends to do considerably more than passively hold the asset. The closing announced on Friday evening follows the shareholder vote previously reported by us, when roughly 20.5 million Armada shares voted in favor of the merger, compared with just 1.4 million against. At the time, Evernorth disclosed more than $1 billion raised through the transaction and associated private placements.\\n\n
Institutional Support
Previous investors in the company came from prominent names in the crypto and traditional finance space, including Ripple itself, SBI Group, Panter Capital, GSR, and Arrington Capital.