Summary Points
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Evernorth Launch: Evernorth Holdings Inc. has officially launched through a SPAC deal with Armada Acquisition Corp II, aiming to create the largest institutional XRP treasury.
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Funding and Partnerships: The deal is expected to raise over $1 billion, with investment from major players like SBI, Ripple Labs, and Pantera Capital to enhance XRP’s institutional adoption.
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Active Treasury Model: Unlike traditional investment vehicles, Evernorth plans to actively increase XRP holdings through lending, liquidity provisioning, and DeFi strategies, aligning with the growth of the XRP ecosystem.
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Public Trading: Post-transaction, Evernorth will trade on Nasdaq under the ticker “XRPN,” providing investors regulated and scalable exposure to XRP while supporting its broader utility and adoption.
Evernorth Raises Over $1 Billion for Institutional XRP Exposure
Evernorth Holdings Inc. has officially launched as a public company. The Nevada-based corporation aims to enhance institutional adoption of Ripple (XRP) through innovative strategies. Recently, Evernorth announced a business combination with Armada Acquisition Corp II, a publicly traded SPAC.
The deal is expected to generate over $1 billion in gross proceeds. This amount includes $200 million from SBI and additional investments from Ripple Labs and Rippleworks. Other noteworthy investors include Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen is also onboard, supporting the initiative.
Evernorth plans to establish a significant institutional treasury for XRP. Unlike a traditional passive ETF, the company will actively grow its XRP holdings. They will achieve this by engaging in institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities. This proactive approach offers a potential edge in the competitive cryptocurrency market.
CEO Asheesh Birla stated, “Evernorth is built to provide investors more than just exposure to XRP’s price.” The company aims to apply traditional finance (TradFi) strategies while tapping into the decentralized finance ecosystem. This dual strategy could bolster the growth and maturity of the XRP community.
In a related development, London-based VivoPower International recently raised $19 million to support its own XRP treasury strategy. Such efforts signify a growing interest in establishing and expanding XRP holdings among institutional investors.
As Evernorth positions itself as a key player in the evolving crypto landscape, it highlights the unique potential of XRP. This initiative not only provides institutional access but also aims to contribute to XRP’s broader utility. By fostering institutional involvement, Evernorth and its partners seek to pave the way for further innovation in the digital currency space.
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