Evernorth Holdings Set for Nasdaq Debut with $1 Billion Raise
Evernorth Holdings Inc., a Ripple-backed venture, is gearing up for its Nasdaq debut. The company aims to raise $1 billion, focusing on institutional XRP adoption.
Evernorth will list on Nasdaq through a merger with Armada Acquisition corp II. This move will bring in over $1 billion,including $200 million from SBI Holdings,with support from Pantera Capital and Kraken. The debut will establish Evernorth as the largest XRP treasury company.
Evernorth offers investors a simple, liquid, and transparent way to gain XRP exposure. Unlike passive ETFs,it aims to increase shareholder value through institutional lending,liquidity provisioning,and decentralized finance yield.
Asheesh Birla, CEO of Evernorth, explains, “Our strategy goes beyond XRP price exposure. We focus on TradFi and DeFi yield generation, supporting the XRP ecosystem’s growth.”
Ripple CEO Brad Garlinghouse praised the move, highlighting the support from key investors. This comes after Ripple’s acquisition of GTreasury and the end of its SEC legal battle, boosting XRP’s regulatory outlook.
XRP is among the cryptocurrencies expected to receive SEC approval for a spot ETF. The U.S.’s crypto-friendly stance further supports this positive trend.
