An XRP treasury company backed by Ripple is a shareholder vote away from Nasdaq
Evernorth, an XRP treasury company backed by Ripple and other major investors, is poised to go public on Nasdaq through a merger with a shell company, Armada Acquisition Corp. II, pending a shareholder vote. The combined entity, trading as XRPN, plans to actively manage its XRP holdings to increase the amount of XRP per share, rather than just holding it.
Why it matters
This move could establish a new model for cryptocurrency-focused companies to go public and manage digital assets, potentially influencing investor confidence and the broader crypto market's integration with traditional finance, especially for XRP.
Evernorth is merging with Armada Acquisition Corp. II, a shell company that raised money from investors to buy a private business and take it public without a traditional listing.
Armada's shareholders vote on Sept. 30, and the combined company would trade as XRPN. Evernorth expects the deal to close in late September or October, the company shared with CoinDesk.
Ripple, the company closely linked to XRP and holds a large share of the supply, is an investor in Evernorth alongside Arrington Capital, Japan's SBI Group, Pantera Capital, Kraken and GSR. Asheesh Birla, Evernorth's founder and chief executive, ran Ripple's payments business for over a decade before leaving.
Companies that put a single cryptocurrency on their balance sheet have generally bought and held, following the model Strategy established with bitcoin.
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