Evernorth Nasdaq IPO to Raise $1B via SPAC for Major XRP Treasury
Evernorth Nasdaq IPO is structured as a SPAC merger with Armada Acquisition Corp II. The deal secures over $1 billion in proceeds, including a $200 million investment from SBI Holdings and support from Pantera Capital, Kraken, GSR and Rippleworks. Net proceeds will be used to acquire at least $1 billion worth of XRP tokens, forming the largest institutional XRP treasury.
The Evernorth Nasdaq IPO strategy pairs XRP treasury holdings with institutional lending, liquidity provisioning and DeFi yield opportunities. This model offers traders liquid, transparent exposure to XRP beyond passive funds and drives broader institutional adoption. The listing follows Ripple’s own $1 billion XRP treasury launch and GTreasury acquisition, underlining growing demand for diversified digital asset strategies and signaling a bullish outlook ahead of a potential SEC approval for an XRP spot ETF.
Bullish
The news of the Evernorth Nasdaq IPO to fund an XRP treasury is clearly bullish for XRP. In the short term, allocating $1B into XRP tokens from a public company’s treasury and offering transparent, liquid exposure should increase demand and trading volume. The backing of major investors like SBI Holdings, Pantera Capital and Kraken adds credibility and may attract more institutional capital. Over the long term, combining a large XRP treasury with institutional lending, liquidity provisioning and DeFi yield strategies supports ecosystem growth and adoption, potentially driving sustained price appreciation. Historical precedents—such as Ripple’s own treasury initiatives—show that corporate treasury buys and regulatory clarity (e.g., a spot ETF) can lead to a durable bullish trend.