How Evernorth Plans to Make XRP a $1-Billion Corporate Treasury Asset

Deal basics: Who’s involved, and what’s being built?

Evernorth is a newly formed “digital asset treasury” whose core idea is simple: Raise a large pool of cash and use most of it to buy and manage XRP.

Rather than requiring companies to hold the token directly, Evernorth aims to offer a publicly traded stock that provides XRP (XRP) exposure through a corporate balance sheet.

To fast-track its public debut, Evernorth is merging with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC) — a listed shell that helps…