"Evernorth spent $214.1 million in cash to buy 84.4 million XRP on the open market at an average price of roughly $2.54 per token."
"The transaction targets over $1 billion in gross proceeds, which would make Evernorth the largest publicly traded company built around a single crypto asset other than Bitcoin."
"At today's XRP price of $1.45, the entire position is worth roughly $680 million, which is well below what was paid for it."
"Evernorth's CEO is Asheesh Birla, a former senior executive at Ripple who left to launch the company in 2025."
Evernorth Holdings is merging with Armada Acquisition Corp. II to become a publicly traded company on Nasdaq, focusing on its 473 million XRP holdings. The merger aims for over $1 billion in gross proceeds, making it the largest publicly traded company centered on a single crypto asset, excluding Bitcoin. Evernorth acquired its XRP through various means, including cash purchases and contributions from Ripple and Arrington Capital. The current value of its XRP holdings is approximately $680 million, significantly lower than the acquisition cost.
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