Evernorth Clears Nasdaq Hurdle With $1 Billion XRP Treasury Deal

Evernorth has cleared a significant hurdle in its path to listing on the Nasdaq stock exchange, thanks to the approval of the business combination between Armada Acquisition Corp. II and Evernorth by the latter's shareholders.

The deal will create a publicly traded company focused on holding XRP as a treasury asset, with an expected $300 million in gross cash proceeds at closing.

Evernorth's XRP holdings are anticipated to reach approximately 473 million tokens after receiving additional in-kind contributions from Ripple and other backers.