Evernorth to Go Public With Over $1 Billion in Gross Proceeds

Core Insights - Evernorth Holdings Inc. has announced its public launch and a business combination agreement with Armada Acquisition Corp II, aiming to create the largest public XRP treasury company [1][8] - The transaction is expected to raise over $1 billion in gross proceeds, with significant investments from SBI, Ripple, and other leading digital asset investors [2][4] - Evernorth is designed to provide investors with liquid and transparent exposure to XRP, focusing on active treasury growth through institutional lending and DeFi yield opportunities [3][4] Financial Overview - The transaction will generate over $1 billion in gross proceeds, including $200 million from SBI and additional investments from Ripple and other notable investors [2] - Net proceeds will primarily fund open-market purchases of XRP, with allocations for working capital and transaction expenses [2] Business Model - Evernorth aims to grow XRP per share over time, differentiating itself from passive ETFs by engaging in institutional lending and DeFi yield strategies [3][4] - The company plans to accumulate XRP as a reserve asset while acting as a catalyst for the broader adoption of the XRP Ledger [9] Leadership and Governance - The leadership team includes CEO Asheesh Birla, who has extensive experience in digital assets and global payments, previously serving at Ripple [5][6] - Evernorth maintains independent governance, with Ripple as a strategic investor and Ripple executives expected to serve as advisors [7] Strategic Vision - Evernorth's strategy is aligned with Ripple's mission to enhance XRP's utility in global payments, aiming to increase participation and confidence in the XRP ecosystem [8] - The company plans to leverage existing traditional finance yield generation strategies while contributing to the growth of the DeFi ecosystem [5][18]