Evernorth completes merger with Armada Acquisition Corp. II and prepares for Nasdaq listing with 473 million XRP and $300M cash.
VC & Fundraising ·
Evernorth has finalized its combination with Armada Acquisition Corp. II, positioning itself for listing on Nasdaq while holding approximately 473 million XRP tokens and $300 million in cash. The transaction secured approval from shareholders, with over 20.5 million shares cast in support, and generated capital exceeding $1 billion from backers including Ripple and SBI Group.
The entity distinguishes its approach by pursuing active deployment of its XRP holdings across the ecosystem rather than adopting a passive stance. This strategy signals an intent to participate directly in capital moves within the XRP network rather than simply accumulating and holding the asset.
The timing and scale of the merger reflect growing institutional interest in XRP-focused vehicles accessing public markets. Questions remain about the specific deployment tactics Evernorth will employ and how its Nasdaq operations will unfold following the listing.