Evernorth, a new crypto venture backed by digital asset firm Ripple, said on Monday it will list on the Nasdaq through a merger with blank-check firm Armada Acquisition Corp II and is expected to raise more than $1 billion in proceeds.<\/p>\n\n\n\n
The digital asset treasury will focus on accumulating XRP, a token linked to Ripple and the fifth-largest cryptocurrency by market cap, according to data from CoinGecko.<\/p>\n\n\n\n
The move comes months after Wall Street\u2019s top regulator ended a high-profile crypto lawsuit, which accused Ripple of selling unregistered securities to institutional investors.<\/p>\n\n\n\n
Under a crypto-friendly Trump administration, Ripple is looking to scale institutional adoption and presence of the XRP token in capital markets.<\/p>\n\n\n\n
The deal, expected to close in the first quarter of 2026, will create the largest XRP publicly traded XRP treasury company, Evernorth said.<\/p>\n\n\n\n
As scores of companies continue to wrap crypto assets into equity, concerns are mounting over the spillover impact of a correction in the equities markets. Earlier this month, crypto assets suffered from their largest selloff ever after U.S. President Donald Trump escalated his trade war with China.<\/p>\n\n\n\n
\u201cI lost track around how many (asset holding plays) are there around Ethereum,\u201d Evernorth CEO Asheesh Birla, a former Ripple executive, told Reuters in an interview. Birla added that he will be stepping down from Ripple\u2019s board as he joins Evernorth\u2019s.<\/p>\n\n\n\n
Japanese firm SBI, which was previously affiliated with SoftBank, is providing $200 million of the raise in exchange for equity.<\/p>\n\n\n\n
\u201cWe will look at acquisition opportunities,\u201d Birla said, adding that Evernorth will be hiring and building out an investment team as well.<\/p>\n\n\n\n
The deal also saw participation from Ripple co-founder Chris Larsen and digital asset firms Pantera Capital and Kraken, which have a track record of funding such strategies.<\/p>\n","protected":false},"excerpt":{"rendered":"
Evernorth, a new crypto venture backed by digital asset firm Ripple, said on Monday it will list on the Nasdaq through a merger with blank-check firm Armada Acquisition Corp II and is expected to raise more than $1 billion in proceeds. The digital asset treasury will focus on accumulating XRP, a token linked to Ripple […]<\/p>\n","protected":false},"author":2,"featured_media":23990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-23987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"rttpg_featured_image_url":{"full":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10.jpg",900,600,false],"landscape":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10.jpg",900,600,false],"portraits":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10.jpg",900,600,false],"thumbnail":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10-150x150.jpg",150,150,true],"medium":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10-300x200.jpg",300,200,true],"large":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10.jpg",900,600,false],"1536x1536":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10.jpg",900,600,false],"2048x2048":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10.jpg",900,600,false],"post-thumbnail":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10-755x420.jpg",755,420,true],"graptor-sq-xs":["https:\/\/cryptounplugged.ai\/blog\/wp-content\/uploads\/2025\/10\/Untitled-10-100x100.jpg",100,100,true]},"rttpg_author":{"display_name":"Admin CG","author_link":"https:\/\/cryptounplugged.ai\/blog\/author\/admin-cg\/"},"rttpg_comment":0,"rttpg_category":"news<\/a>","rttpg_excerpt":"Evernorth, a new crypto venture backed by digital asset firm Ripple, said on Monday it will list on the Nasdaq through a merger with blank-check firm Armada Acquisition Corp II and is expected to raise more than $1 billion in proceeds. The digital asset treasury will focus on accumulating XRP, a token linked to Ripple…","_links":{"self":[{"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/posts\/23987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/comments?post=23987"}],"version-history":[{"count":1,"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/posts\/23987\/revisions"}],"predecessor-version":[{"id":23991,"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/posts\/23987\/revisions\/23991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/media\/23990"}],"wp:attachment":[{"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/media?parent=23987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/categories?post=23987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptounplugged.ai\/blog\/wp-json\/wp\/v2\/tags?post=23987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}