Heading to Wall Street for XRP: Evernorth targets Nasdaq

Heading to Wall Street for XRP. Shareholders of SPAC Armada Acquisition Corp. On September 30, they approved the merger with Evernorth. The company is therefore targeting the Nasdaq on October 8 under the ticker XRPN, the day after the scheduled close.

Evernorth is expected to hold approximately 473 million XRP at closing. It thus presents itself as the largest listed XRP treasury focused on this single asset. The company has been preparing its arrival on Nasdaq since the green light from the SEC at the end of August.

Evernorth: 473 million XRP and more than a billion dollars raised

According to Decrypt, Evernorth will hold approximately 473 million XRP at close. At $1.50, this stock is worth nearly $710 million.

The operation raised more than a billion dollars in total, including around 300 million in cash. This portion initially includes $225 million in private placements and $30 million in convertible bonds. Added to this are approximately 48 million from the SPAC trust account. The rest, however, arrives directly in XRP, contributed by investors.

Ripple, Pantera, Kraken and SBI behind XRPN

Evernorth is founded and led by Asheesh Birla. It is also supported by Ripple, Pantera Capital, Kraken, SBI Group, GSR and Arrington Capital.

The SEC declared the transaction's Form S-4 effective on August 27, according to The Block. This document also covers up to 34.5 million class A shares and 11.5 million warrants.

“Going public will offer investors a regulated and transparent way to gain exposure to XRP and participate in the growth of the blockchain economy,” explains Asheesh Birla in comments reported by Decrypt.

A single-asset treasury, based on the price of XRP

Evernorth wants to grow its number of XRP per share. To do this, it relies on performance strategies and its participation in the ecosystem. It also relies on capital market operations. But Decrypt warns that the fate of the company will follow the price of XRP. However, this price can vary greatly in both directions.