coin-img-ETHETH-5.70%coin-img-BTCBTC-4.31%coin-img-SOLSOL-4.59%coin-img-ROBOROBO-6.46%coin-img-AITOAITO-70.19%coin-img-CRKCRK+225.75%coin-img-XRPXRP-4.11%coin-img-USDCUSDC+0.01%coin-img-ETHETH-5.70%coin-img-BTCBTC-4.31%coin-img-SOLSOL-4.59%coin-img-ROBOROBO-6.46%coin-img-AITOAITO-70.19%coin-img-CRKCRK+225.75%coin-img-XRPXRP-4.11%coin-img-USDCUSDC+0.01%coin-img-ETHETH-5.70%coin-img-BTCBTC-4.31%coin-img-SOLSOL-4.59%coin-img-ROBOROBO-6.46%coin-img-AITOAITO-70.19%coin-img-CRKCRK+225.75%coin-img-XRPXRP-4.11%coin-img-USDCUSDC+0.01%coin-img-ETHETH-5.70%coin-img-BTCBTC-4.31%coin-img-SOLSOL-4.59%coin-img-ROBOROBO-6.46%coin-img-AITOAITO-70.19%coin-img-CRKCRK+225.75%coin-img-XRPXRP-4.11%coin-img-USDCUSDC+0.01%

Evernorth Files Form S-4 for $10 Billion SPAC Merger With Armada to Build XRP Treasury Platform

Evernorth, a crypto enterprise backed by Ripple, filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission on March 19 to advance a proposed $10 billion SPAC merger with Armada Acquisition Corp. II, a vehicle sponsored by Arrington Capital, The Block reports. Following the deal, Evernorth plans to list on Nasdaq under the ticker XRPN as an XRP-focused treasury company and aims to raise over $1 billion to buy XRP on public markets and build an institutional-grade XRP treasury. The firm intends to pursue long-term growth in XRP holdings per share through lending, liquidity provision and DeFi yield strategies, while operating XRP validation nodes and bringing Ripple's RLUSD stablecoin into DeFi markets. Investors include Japan's SBI Holdings, which committed $200 million, along with Ripple, Pantera Capital, Kraken, GSR, Ripple co-founder Chris Larsen, and Ripple CEO Brad Garlinghouse, who will act as strategic advisers.
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