$1 Billion XRP Treasury Company Evernorth to Merge and List on Nasdaq

On October 20th, as per official channels, Evernorth Holdings Inc. (referred to as "Evernorth") announced today that it has officially started its operations and reached a business merger agreement with the publicly listed special purpose acquisition company Armada Acquisition Corp II (Nasdaq: AACI). The company is dedicated to facilitating the institutional-level scalability of XRP. Upon the completion of the transaction, the merged entity will continue to use the Evernorth name and is scheduled to be listed on the Nasdaq Stock Exchange, subject to meeting the listing requirements, under the stock symbol "XRPN." This transaction is anticipated to raise a total of over $1 billion in funding. This includes a $200 million investment from SBI, as well as a joint investment from prominent digital asset and fintech institutions and investors such as Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and others. Ripple's co-founder, Chris Larsen, also participated in the investment. The net proceeds from the fundraising will mainly be used for open market purchases of XRP to establish a globally leading institutional-grade XRP asset reserve, with a portion of the funds allocated for working capital, general corporate purposes, and transaction expenses.