Evernorth, the World's Largest XRP-Holding Public Company, to Go Public on Nasdaq on the 12th

Key Points of This Article

• Evernorth holds approximately 473 million XRP
• Evernorth is set to begin trading on Nasdaq on the 12th

Completion of Business Combination

Evernorth, a treasury company that holds and operates XRP, announced on the 9th that it has completed its business combination with Armada Acquisition Corp II, a special purpose acquisition company (SPAC). At the time of completion, the amount of XRP held was approximately 473 million XRP (equivalent to 104.1 billion yen), and it raised about $300 million in cash before transaction costs.

The company stated in its announcement on the 1st of this month that it would become the largest publicly listed treasury company focused on XRP, and according to data site CoinGecko, it is also ranked first in terms of holdings.

The background of this combination is the company's recognition that as blockchain-based finance for institutional investors develops, capital will be needed to expand tokenized assets, blockchain credit markets, and payment infrastructure. Therefore, Evernorth plans to become a provider of funds to invest in the XRP economic zone while operating under the reporting, governance, and disclosure standards of a Nasdaq-listed company.

Under this policy, the company chose to integrate with Armada, sponsored by Arlington XRP Capital Fund LP, as a means of going public. The shares after the merger are expected to begin trading on Nasdaq as "XRPN" on the 12th.

Investors and Future Strategy

Among the investors are cryptocurrency-related companies such as Arlington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. Evernorth explained that it has secured capital from a global group of institutional investors and digital asset investors.

Following the completion of the merger, Evernorth's CEO, Ashish Bhalla, indicated plans to invest capital in the XRP economic zone and support the expansion of infrastructure and use cases while increasing the amount of XRP held per share.

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