Evernorth Could List on Nasdaq via SPAC Merger With Armada Acquisition Corp II, Aiming to Build a Large XRP Treasury

Publication date: 2025-10-20 • Last updated: 2025-10-20

• Key point 1 – Evernorth will amass XRP reserves as a core asset, pairing it with robust custody and governance.

• Key point 2 – The SPAC-listed approach accelerates access to the public markets compared with traditional IPOs.

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• Key point 3 – Backers include SBI Holdings contributing 200M, with Ripple co-founder Chris Larsen, Pantera Capital, and Kraken among investors, signaling deep crypto infrastructure support.

Evernorth XRP treasury aims to offer regulated XRP exposure in public markets through a SPAC merger; this Nasdaq move could reshape institutional crypto access.

What is Evernorth’s plan for XRP treasury and Nasdaq listing?

The plan centers on a Nasdaq-listed merger between Evernorth and Armada Acquisition Corp II, creating what analysts call the largest XRP treasury in a public vehicle. This structure allows investors to gain regulated exposure to XRP through equity, not via direct token holdings; the anticipated close is in the first quarter of 2026.

How does XRP-backed strategy fit Evernorth’s institutional model?

Evernorth aims to mirror traditional asset management practices by holding XRP reserves and assembling an investment team to manage these holdings. The approach could enable XRP-backed assets and potential tokenized offerings within capital markets, contingent on regulatory clarity and market conditions; backers from Ripple’s ecosystem signal a long-term commitment to infrastructure expansion.

Frequently Asked Questions

What is the timeline for Evernorth’s Nasdaq listing with Armada Acquisition Corp II?

The merger is set to close in the first quarter of 2026, with provisional financing terms outlining more than $1B in proceeds. Regulatory approvals depend on market conditions and SPAC deadlines, but management expects a timely close if no major obstacles arise.

Will XRP be included in Evernorth’s broader investment strategy?

Yes. XRP is positioned as the anchor asset for Evernorth’s treasury strategy, designed to provide regulated exposure via equity while avoiding direct token purchases. The plan emphasizes scalable asset management, governance, and risk controls to support institutional involvement in XRP markets.

Key Takeaways

• Takeaway 1: Evernorth’s SPAC-backed Nasdaq listing aims to provide regulated exposure to XRP via equity, not direct token ownership.
• Takeaway 2: Major backers include SBI Holdings, Ripple co-founder Chris Larsen, Pantera Capital, and Kraken, underscoring institutional interest.
• Takeaway 3: The initiative could pave the way for XRP-backed assets and broader capital-market integration, contingent on regulatory developments.

Conclusion

In summary, Evernorth’s Nasdaq-listed XRP treasury strategy represents a deliberate move to merge crypto liquidity with traditional markets, leveraging a SPAC framework to unlock institutional exposure to XRP. As regulators clarify digital-asset rules, this model could catalyze further public-market participation in XRP and related infrastructure. Investors should monitor regulatory signals and deal progress, with COINOTAG providing ongoing coverage.

Author: COINOTAG