Evernorth Cleared to List on Nasdaq with $1B+ XRP Treasury Deal
Evernorth has taken another step towards becoming a publicly traded asset management company focused on XRP after its shareholders approved the business combination with Armada Acquisition Corp. II.
The deal, which is expected to close on October 7, will result in the creation of a new holding company called Ever-North Holdings, Inc., that will trade its class A common stock on Nasdaq under the symbol XRPN starting from October 8.
At closing time, Evernorth will retain approximately 473 million XRP, making it one of the largest publicly traded pure-play XRP treasury companies. The total gross cash proceeds, before expenses, will be around $300 million, which includes private placements and convertible note financing.
Evernorth plans to grow its XRP holdings per share through yield strategies and ecosystem involvement, positioning itself as an active digital asset treasury rather than a passive holder.