TechFlow news, October 20 — According to PRNewswire, newly formed Evernorth Holdings Inc. has announced a business combination agreement with special purpose acquisition company Armada Acquisition Corp II (Nasdaq: AACI). Upon completion of the transaction, the combined company will be listed on Nasdaq under the ticker symbol "XRPN".
The deal is expected to raise over $1 billion, including a $200 million investment from SBI and funding from institutions such as Ripple, Pantera Capital, Kraken, and GSR. Net proceeds will primarily be used to purchase XRP in public markets, building a world-leading institutional XRP treasury.
Evernorth, led by former Ripple executive Asheesh Birla as CEO, aims to provide investors with simple, liquid, and transparent exposure to XRP. Unlike passive ETFs, Evernorth seeks to grow value per XRP through participation in institutional lending, liquidity provision, and decentralized finance yield opportunities.
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and shareholder approval.
Previous report, Ripple Labs is raising $1 billion via a special purpose acquisition company to establish an XRP treasury.
