evernorth

According to PRNewswire, the crypto startup Evernorth, supported by Ripple, announced that it has publicly submitted an S-4 registration statement to the U.S. Securities and Exchange Commission (SEC) regarding its previously announced business combination with the SPAC company Armada Acquisition Corp. II, sponsored by Arrington Capital, with the goal of becoming an XRP treasury company listed on Nasdaq.Previously, in October last year, it was reported that Evernorth plans to go public in the U.S. and raise over $1 billion to accumulate XRP tokens.

Evernorth, the XRP treasury entity supported by Ripple, is preparing to go public on Nasdaq through a SPAC merger, trading under the ticker symbol XRPN. The company holds 388 million XRP tokens, currently valued at approximately $812 million.CEO Asheesh Birla stated, "The timing couldn't be more perfect; we have the right regulatory environment, government support, and institutions ready to adopt." Despite the recent valuation plunge of crypto reserve companies, many of which have stopped purchasing cryptocurrencies, Birla emphasized that Evernorth not only provides exposure to XRP but also handles custody, compliance, and security obligations.

The XRP treasury entity Evernorth Holdings, supported by Ripple executives, is facing an unrealized loss of over $220 million.According to data tracked by CryptoQuant, Evernorth holds approximately 389 million XRP, with an acquisition cost of about $947 million. Based on the current XRP price of $1.86, its holding's market value is approximately $724 million, resulting in a significant unrealized loss for the company.

ChainCatcher news, according to Cryptobriefing, the newly established XRP financial company Evernorth Holdings (which has close strategic ties with Ripple executives) has accumulated nearly 389 million XRP tokens.Based on the trading price of XRP at $2.6 at the time of writing, these holdings are worth over $1 billion, making Evernorth one of the largest holders of the token. CryptoQuant's on-chain analyst JA Maartun reported that as of October 27, Evernorth has invested approximately $947 million in its asset reserves. Currently, this investment has generated over $50 million in unrealized gains.

ChainCatcher news, reported by Techstartups, states that Evernorth, a cryptocurrency company supported by Ripple, announced it will go public on Nasdaq through a merger with Armada Acquisition Corp II (AACI.O), expecting to raise over $1 billion.The company plans to become the largest XRP fund and the U.S. publicly listed company holding the most XRP, with the transaction expected to be completed in the first quarter of 2026.