Evernorth Holdings has filed an S-4 registration statement with the SEC, outlining plans to become the largest publicly traded XRP treasury. The firm raised over $1 billion to accumulate the token and expects to launch with at least 473 million XRP valued at approximately $685 million.
The planned public listing will proceed through a business combination with Armada Acquisition Corp. II, a SPAC sponsored by Arrington Capital that trades on the Nasdaq under the ticker XRPN. Around 211 million XRP comes from Arrington Capital, while Ripple is expected to contribute nearly 127 million XRP upon deal completion.
Evernorth CEO Asheesh Birla says the firm aims to combine public-market discipline with XRP blockchain infrastructure. Its strategy includes accumulating and managing XRP, earning yield through decentralized finance, and exploring expansion in Japan and South Korea.
Originally reported by Decrypt.
