Evernorth Holdings, a firm connected to Ripple Labs, has announced its intention to go public via a merger with Armada Acquisition Corp. II, a SPAC listed on Nasdaq. This strategic move is designed to meet the increasing institutional demand for publicly traded firms focusing on digital asset treasuries.

The merger is expected to yield over $1 billion in gross funds, which includes a $200 million investment from Japan’s SBI Holdings, historically linked to SoftBank. Additional support is anticipated from Ripple, Pantera Capital, Kraken, and GSR, as the company indicated.

The funds obtained are planned to be utilized in creating one of the largest XRP treasuries globally through open market purchases.

Following the merger, the new company is predicted to operate under the Nasdaq ticker symbol XRPN.

Evernorth’s CEO, Asheesh Birla, commented that this new investment vehicle aims to “accelerate XRP adoption” amidst a rising interest in decentralized finance (DeFi), thus granting investors a public market opportunity to engage with XRP and related asset strategies.

“Toxic financing, failed altcoins rebranded as DATs, too many failed companies with no plan or vision. It’s totally muddled the narrative,” said David Bailey, CEO of Nakamoto. Translation: Bailey criticizes the current state of digital asset strategies, describing it as confusing and clouded by poor performances.

The announcement follows news of Ripple Labs’ plans to raise about $1 billion through XRP sales to create its own digital asset treasury. Furthermore, Ripple has recently agreed to acquire GTreasury, a corporate treasury management platform, in a deal approximately worth $1 billion, aimed at enhancing its enterprise liquidity and payment framework.

Additionally, other firms like VivoPower have introduced XRP-based digital asset strategies, highlighting a trend of growing institutional interest in the token.