Evernorth to Go Public via Armada Acquisition Corp II SPAC, Targeting $1B+ to Build Public XRP Treasury

Deal Summary

Evernorth Holdings signed a business-combination agreement with Armada Acquisition Corp II to take the company public (expected Nasdaq ticker XRPN) and raise over $1 billion in gross proceeds to purchase XRP and pursue yield strategies. The deal includes a $200M commitment from SBI and participation from Ripple, Pantera, Kraken, GSR and Chris Larsen; closing is subject to shareholder and regulatory approvals.