$1 Billion XRP Treasury Company Evernorth to Merge and List on Nasdaq

BlockBeats News, October 20th, according to official sources, Evernorth Holdings Inc. (referred to as "Evernorth") announced today that it has officially commenced operations and has reached a business merger agreement with the publicly listed special purpose acquisition company Armada Acquisition Corp II (Nasdaq: AACI). The company is committed to promoting the institutional-level scalability of XRP. Upon completion of the transaction, the merged entity will continue to use the Evernorth name and is planning to be listed on the Nasdaq Stock Exchange, subject to meeting listing conditions, under the stock symbol "XRPN."

This transaction is expected to raise over $1 billion in total funding, including a $200 million investment from SBI, as well as a joint investment from leading digital asset and fintech institutions and investors such as Ripple, Rippleworks, Pantera Capital, Kraken, GSR, among others. Ripple co-founder Chris Larsen also participated in the investment. The net proceeds of the fundraising will be primarily used for open market purchases of XRP to build a globally leading institutional-grade XRP asset reserve, with some funds allocated for working capital, general corporate purposes, and transaction expenses.