Evernorth Holdings Inc, a Ripple-backed crypto venture, announced on Monday that it plans to go public on the Nasdaq via a business combination with Armada Acquisition Corp II (AACI), a publicly traded special purpose acquisition company (SPAC).
The company said it is targeting to raise more $1 billion in gross proceeds, primarily to fund open-market purchases of Ripple (XRP) cryptocurrency to build the world's leading institutional XRP treasury.
Evernorth also noted that it plans to deploy resources toward advancing the XRP ecosystem more broadly.
The combined company will operate under the Evernorth name and is expected to trade on Nasdaq under the ticker symbol 'XRPN'.
The transaction is expected to close in the first quarter of 2026.