Evernorth Holdings, a firm with intentions of becoming the largest publicly traded XRP treasury, expects to launch with at least 473 million XRP valued around $685 million, according to its S-4 registration statement filed with the SEC on Wednesday. 

The firm, which got a sizable XRP contribution from Ripple—the payments firm that’s built around the crypto asset—raised more than $1 billion to accumulate the token. 

“We believe global finance is entering a new era with digital assets playing a larger role in how capital is held, managed, and deployed,” said Evernorth founder and CEO Asheesh Birla, in a statement. Our focus is on combining public-market discipline with XRP blockchain-based financial infrastructure to help shape a more transparent, efficient, and connected global financial system.” 

Initially announced in October, the firm’s planned public listing will come via a business combination between Evernorth and Armada Acquisition Corp. II, a special purpose acquisition company (SPAC) that is sponsored by Arrington Capital and trades on the Nasdaq as XRPN. 



Its XRP holdings, worth around $324 million less than the $1 billion it raised, were acquired via a variety of agreements, the S-4 filing notes.

The biggest chunk, around 211 million XRP, is being contributed by the sponsor, Arrington Capital, pursuant to an advanced funding subscription agreement. Nearly 127 million XRP is expected to be contributed by Ripple upon the completion of the business combination, while around 84 million further XRP tokens were purchased at an average price of $2.53 using $214 million in advanced funding. 

The value from its purchased lot has now almost been cut in half, and is valued around $122 million as XRP recently changed hands at $1.45. 

Nevertheless, the firm notes that it believes the public company will provide “an attractive entry valuation” to investors seeking exposure to XRP. 

“The SPAC Board believes that [Evernorth] provides an attractive entry valuation (calculated as a multiple to NAV) to XRP,” the filing reads.

While its filing is still subject to SEC review, and the business completion subject to shareholder approval, the firm intends to actively manage its eventual XRP treasury. 

Its four key business pillars include accumulating XRP, actively managing the asset, earning yield by using it in decentralized finance (DeFi), and exploring international expansion opportunities with a beginning focus on Japan and South Korea.

“Our core strategy begins with our efforts to acquire, hold, and actively manage a treasury focused on XRP,” it wrote in the S-4. 

XRP is down around 0.4% in the last 24 hours, recently sitting 60% off its July all-time high of $3.65. Earlier this week, the token leapfrogged BNB to become the fourth most valuable crypto asset by market cap. 

A representative for Evernorth did not immediately respond to Decrypt’s request for comment.

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