Ripple-backed Evernorth plans a $1B Nasdaq listing to build a major XRP treasury and attract institutional investors.
Evernorth plans to hold significant XRP as the basis of a massive investment approach in digital holdings.
Evernorth collaborates with Ripple, led by Asheesh Birla, a former Ripple executive, as its current CEO. The company will become public by merging with Armada Acquisition Corp. II, which is a SPAC firm. Evernorth expects to raise over $1 billion in proceeds, securing a strong start as it enters the public market.
SBI Holdings, once affiliated with SoftBank, is contributing $200 million to the raise. It will receive equity in exchange. Ripple co-founder Chris Larsen, Pantera Capital, and Kraken are joining the round, boosting Evernorth’s credibility.
Evernorth’s main focus is on accumulating XRP. It will be an online treasure store, deftly operating and expanding its portfolio in the Ripple ecosystem token. Birla says Evernorth will also explore acquisitions and build an investment team to support its expansion.
He noted that this kind of crypto-asset strategy isn’t new; many similar ventures have emerged around Ethereum. Evernorth aims to differentiate itself by focusing on the XRP ecosystem. To commit to the role, Birla announced he’ll be stepping down from Ripple’s board as he takes the helm at Evernorth.
Evernorth’s billion-dollar listing comes at a time when the crypto market is still recovering from recent volatility. Earlier this month, digital assets plunged amid rising trade tensions between President Donald Trump and China.
Nonetheless, the eagerness is high. With support from top investors and Ripple’s influence, Evernorth is putting strong emphasis on XRP. This step has the potential to generate a new institutional interest in the token.
Evernorth’s plan to raise $1 billion and hoard XRP through a Nasdaq listing could potentially reshape the nature of crypto treasury operations. It is a gamble on the future of the Ripple ecosystem and an indicator that large amounts of money are still pouring into digital assets regardless of the market conditions.
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JUST IN: Evernorth, backed by Ripple, plans Nasdaq listing to raise over $1 billion for building the largest publicly traded $XRP treasury - Reuters.
