Evernorth Raises $1B, Set for Largest Publicly Traded XRP Holding

A special purpose acquisition company, Armada Acquisition Corp. II, has cleared a major hurdle in its business combination with Evernorth Holdings. Shareholders approved the deal at an extraordinary general meeting held on September 30.

The transaction and related private placements have raised over $1 billion, with approximately $300 million expected to be gross cash proceeds.

Evernorth is set to hold around 473 million XRP after the closing of the merger. This would make it the largest publicly traded company focused solely on holding the token.

Founder and CEO Asheesh Birla said, 'going public will give investors a regulated and transparent way to gain exposure to XRP.'