Ripple-backed Evernorth plans to raise over $1 billion in a US IPO to stockpile XRP tokens

Evernorth, a crypto startup backed by Ripple, announced Monday that it will go public on the Nasdaq through a merger with blank-check firm Armada Acquisition Corp II (AACI.O), raising over $1 billion. The transaction, expected to close in the first quarter of 2026, will create the largest publicly traded Ripple fund manager. Japan's SBI, previously associated with SoftBank, will invest $200 million in the financing in exchange for equity. Also participating in the deal are Ripple co-founder Chris Larsen, Pantera Capital, and Kraken.