Evernorth has announced a business agreement with Armada Acquisition Corp II, aiming to become a Nasdaq-listed company focused on establishing an "institutional-grade XRP treasury."
The transaction is anticipated to bring in over $1 billion in capital, including a $200 million investment from SBI, alongside additional support from institutions and individuals such as Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
Evernorth is closely integrating its public listing plans with its XRP treasury strategy.
According to the latest filings, the company's registration statement includes a preliminary proxy statement and prospectus, detailing its business plan, strategic direction, financial standing, management team, and long-term development objectives.
The company stated that the raised capital will be utilized for XRP accumulation and ecosystem expansion.
Evernorth explains that its business model aims to provide investors with a pathway to access XRP through a publicly traded company structure, rather than solely relying on passive Exchange Traded Funds (ETFs).
The company declared its objective to be a long-term participant in the institutional development of the XRP Ledger while maintaining operational independence. As per the SPAC (Special Purpose Acquisition Company) charter, upon completion of the transaction, Armada II's Class A ordinary shares not redeemed for cash will convert into Evernorth's Class A ordinary shares on a one-to-one basis.
Leadership Team Comprises Former Ripple Executives.
Evernorth's Chief Executive Officer is Asheesh Birla, a former senior executive at Ripple responsible for its cross-border payment business. The core management team also includes Chief Financial Officer Matthew Frymier, Chief Operating Officer Meg Nakamura, Chief Legal Officer Jessica Jonas, and Chief Commercial Officer Sagar Shah.
Evernorth emphasized that its leadership structure is designed for compatibility with the XRP ecosystem while ensuring governance autonomy.
The company also released updated network data referenced in communications related to Evernorth alongside this announcement. According to data shared by Evernorth, as of March 16, the number of non-empty XRP wallets has surpassed 7.7 million, with active addresses reaching 46,767, marking a five-week high.
Furthermore, data indicates that the scale of tokenized commodities on XRP has grown from $111 million to $1.14 billion, representing over 15% of the global market. Over the past week, the XRP Ledger has seen an average daily transaction volume close to 3 million, with 27,000 AMM (Automated Market Maker) pools observed.