XRP Treasury company Evernorth filed an S-4 document, proposing to raise $1 billion through a SPAC listing.

According to Mars Finance, on March 19th, The Block reported that Evernorth, a Ripple-backed crypto company, announced it had filed an S-4 registration statement with the U.S. Securities and Exchange Commission (SEC) to proceed with its business merger with Armada Acquisition Corp. II, a SPAC owned by Arrington Capital. Upon completion of the merger, Evernorth aims to become a Nasdaq-listed XRP treasury company with the ticker symbol XRPN. Evernorth plans to raise over $1 billion through this transaction, primarily for purchasing XRP on the open market and establishing a leading global institutional-grade XRP treasury. Unlike passive crypto funds or ETPs, Evernorth will focus on long-term growth in its XRP holdings through lending, liquidity provision, and DeFi yield strategies. The company also plans to operate XRP validator nodes and integrate Ripple's RLUSD stablecoin into the DeFi ecosystem. Investors include Japan's SBI Holdings (which committed $200 million), Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Ripple CEO Brad Garlinghouse and other executives will serve as strategic advisors.