Ripple-Backed Evernorth Files For Nasdaq IPO With $1 Billion XRP Treasury
Posted On March 19, 2026
Evernorth Holdings filed an S-4 registration with the SEC on March 18 to merge with Armada Acquisition Corp. II (NASDAQ:XRPN) and become the largest publicly traded XRP (CRYPTO: XRP) treasury company on Nasdaq with over $1 billion in gross proceeds.
The $1 Billion XRP Bet
Evernorth raised over $1 billion in gross proceeds to create what will be the largest public XRP treasury company.
Ripple Labs contributed over 126 million XRP tokens in a private placement at a signing price of $2.36609, while Advance Funding Subscribers committed $214.05 million in cash plus 600,000 XRP tokens.
Evernorth already holds 388 million XRP tokens purchased at an average price of $2.44, making it the largest institutional …
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