Crypto venture Evernorth, backed by Ripple, to list on Nasdaq via Armada Acquisition Corp II merger, expected to raise $1 billion+. Treasury will focus on XRP, 5th largest crypto. Move follows end of high-profile lawsuit against Ripple. Deal to create largest publicly traded XRP treasury company, closing in Q1 2026.

Evernorth CEO Asheesh Birla stepping down from Ripple’s board to join. Japanese firm SBI providing $200 million in equity. Company will explore acquisition opportunities, build investment team. Co-founder Chris Larsen, Pantera Capital, Kraken also participating in the deal. Rising concerns over equities-crypto spillover impact after recent selloff.

Read more at Yahoo Finance: Ripple-backed Evernorth set to raise over $1 billion in US listing to hoard XRP token