Evernorth Holdings Inc. is set to go public through a SPAC merger with Armada Acquisition Corp II, aiming to create the world’s largest institutional XRP treasury, generating over $1 billion in proceeds. The company plans to purchase XRP on the open market and trade as “XRPN” on Nasdaq.

Backed by companies like SBI Holdings and Ripple, Evernorth will have Ripple’s CEO and executives in strategic advisory roles, operating actively to increase XRP per share through lending, liquidity provisioning, and DeFi yield generation. They seek to enhance shareholder returns and utility by integrating with Ripple’s RLUSD stablecoin.

The announcement led to a 2.4% increase in XRP’s price over 24 hours, making it one of the day’s top gainers in the crypto market. Evernorth’s public effort will be the largest focused solely on XRP, with comparisons to other firms like VivoPower, Nature’s Miracle Holding Inc., and Hyperscale Data that have allocated smaller amounts to XRP.

This trend reflects public companies increasingly using blockchain tokens as reserves, with XRP’s growing DeFi ecosystem and regulatory clarity post-Ripple lawsuit making it an attractive choice for institutional investment.

Read more at Yahoo Finance: Evernorth to Build World’s Largest Institutional XRP Treasury via $1B SPAC Merger