Ripple-backed Evernorth set to raise over $1 billion in US listing to hoard XRP token

Group 1 - Evernorth, a new crypto venture backed by Ripple, plans to list on Nasdaq through a merger with Armada Acquisition Corp II, aiming to raise over $1 billion [1][2] - The digital asset treasury will focus on accumulating XRP, the fifth-largest cryptocurrency by market cap [1] - The deal is expected to close in the first quarter of 2026, creating the largest publicly traded XRP treasury company [2] Group 2 - The merger follows the resolution of a high-profile lawsuit against Ripple regarding the sale of unregistered securities [2] - Evernorth's CEO, Asheesh Birla, will step down from Ripple's board to join Evernorth, which will also seek acquisition opportunities and build an investment team [4][5] - Japanese firm SBI is contributing $200 million to the raise in exchange for equity [4]