XRP News: A $1B Ripple-Backed Company Holding 473 Million XRP Just Filed to Go Public on Nasdaq

• Evernorth Holdings filed its S-4 with the SEC connected March 18 to spell nationalist connected Nasdaq nether ticker XRPN done a $1 cardinal SPAC merger backed by Ripple, SBI Holdings, Pantera Capital, and Kraken.

• Combined with 772 cardinal XRP held crossed U.S. spot ETFs, astir 1.25 cardinal XRP present sits wrong organization vehicles, amounting to astir 2% of the 61.2 cardinal circulating supply.

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XRP (CRYPTO: XRP) conscionable got its archetypal firm treasury company. Strategy built a $60 cardinal Bitcoin treasury by buying BTC done a publically traded institution connected Nasdaq. Now a radical backed by Ripple, Pantera Capital, and Kraken is doing the aforesaid happening with XRP.

Evernorth Holdings filed its S-4 registration with the SEC connected March 18 to spell nationalist connected Nasdaq done a $1 cardinal SPAC merger. The institution already holds 473 cardinal XRP and plans to actively turn that presumption done lending, DeFi, and on-chain output strategies.

What is Evernorth really building, and what does 473 cardinal XRP locked wrong a nationalist institution mean for the XRP price? Let's find out!

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Evernorth is merging with Armada Acquisition Corp. II, a peculiar intent acquisition institution that already trades connected Nasdaq. If the woody closes, the combined institution volition database nether the ticker XRPN and run arsenic a publically traded XRP treasury. The transaction targets implicit $1 cardinal successful gross proceeds, which would marque Evernorth the largest publically traded institution built astir a azygous crypto plus different than Bitcoin.

The company’s 473 cardinal XRP holdings didn't travel from 1 place. Evernorth spent $214.1 cardinal successful currency to bargain 84.4 cardinal XRP connected the unfastened marketplace astatine an mean terms of astir $2.54 per token. Ripple contributed different 126.8 cardinal XRP straight nether a publication agreement, and the SPAC sponsor, Arrington Capital, added 211.3 cardinal XRP done a abstracted backing circular tied to the deal. At today's XRP terms of $1.45, the full presumption is worthy astir $680 million, which is good beneath what was paid for it.

Evernorth's CEO is Asheesh Birla, a erstwhile elder enforcement astatine Ripple who near to motorboat the institution successful 2025. Ripple, SBI Holdings, Pantera Capital, Kraken, and GSR each backed the woody alongside Arrington Capital, which besides serves arsenic Armada II's SPAC sponsor. TechCrunch laminitis Michael Arrington runs Arrington Capital and has been 1 of the astir progressive organization investors successful the XRP ecosystem for years.