{"id":789408,"date":"2026-10-02T07:40:15","date_gmt":"2026-10-02T07:40:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/789408\/"},"modified":"2026-10-02T07:40:15","modified_gmt":"2026-10-02T07:40:15","slug":"the-largest-pure-play-xrp-treasury-is-about-to-go-public","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/789408\/","title":{"rendered":"The ‘Largest Pure-Play’ XRP Treasury Is About to Go Public"},"content":{"rendered":"

In brief
\nEvernorth cleared its final hurdle to go public after Armada Acquisition Corp. II shareholders approved their merger Sept. 30.
\nThe transaction and related placements raised over $1 billion for what the company calls the largest publicly traded pure-play XRP treasury.
\nBacked by Ripple, Pantera, Kraken and others, it joins the crypto-treasury trend, with fortunes tied to XRP’s volatile price.<\/p>\n

Evernorth, a treasury company built around XRP, has cleared the last major obstacle to going public, with shareholders approving its merger and setting the stage for a Nasdaq listing<\/a> next week.<\/p>\n

The company said Wednesday<\/a> that shareholders of Armada Acquisition Corp. II, the blank-check company Evernorth is merging with, voted to approve the business combination at a meeting Sept. 30.<\/p>\n

\"Myriad:<\/a>Myriad: Where does XRP go next? Click to make your prediction<\/a>.<\/p>\n

The deal is expected to close Oct. 7, with Evernorth’s Class A common stock slated to begin trading Oct. 8 under the ticker “XRPN.”<\/p>\n

The merger and related fundraising have pulled in more than $1 billion. The transaction is expected to generate roughly $300 million in gross cash proceeds, including $225 million from private placements, $30 million in convertible note financing and about $48 million in trust proceeds, before expenses.<\/p>\n

Investors also contributed XRP directly, and at closing Evernorth expects to hold about 473 million XRP, which it says would make it the \u201clargest publicly traded pure-play\u201d XRP treasury company. The firm said 100% of its committed funders are participating.<\/p>\n

“Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” said Asheesh Birla, Evernorth’s founder and CEO.<\/p>\n

\"\"<\/p>\n

BitcoinBTC \u00b7 USD<\/p>\n

$85,807+2.1%<\/p>\n

24H7D1M1YYTD<\/p>\n

Sep 25Sep 27Sep 28Sep 30Oct 2<\/p>\n

$86.7k$85.3k$84.0k$82.7k<\/p>\n

24h HighHigh$86,794<\/p>\n

24h LowLow$83,182<\/p>\n

VolVol$1.7B<\/p>\n

Market projectionsOdds by Myriad<\/p>\n

\"\"\u2192\"\"<\/p>\n

$50$100$500<\/p>\n

Buy<\/p>\n

Evernorth is backed by a roster of crypto heavyweights, including Ripple<\/a>, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital. The company first unveiled its plan to go public around a $685 million XRP stash<\/a>, part of a Ripple-backed effort to raise $1 billion to accumulate the token. It cleared SEC review when its registration statement took effect in late August.<\/p>\n

The listing adds XRP to the booming digital-asset treasury trend, in which public companies raise capital to stockpile a single crypto asset and tie their share price to it, a model pioneered by Michael Saylor’s Strategy with Bitcoin.<\/p>\n

Evernorth said it intends to grow its XRP per share over time through yield strategies, ecosystem participation and capital-markets activity.<\/p>\n

The structure carries the familiar risk of the category: the company’s fortunes will track XRP’s price, which can swing sharply in either direction.<\/p>\n

Daily Debrief Newsletter<\/p>\n

Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n","protected":false},"excerpt":{"rendered":"In brief Evernorth cleared its final hurdle to go public after Armada Acquisition Corp. II shareholders approved their…\n","protected":false},"author":2,"featured_media":789409,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":["post-789408","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-gb","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/789408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=789408"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/789408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/789409"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=789408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=789408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=789408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}