There’s a new publicly traded company being formed to go all in on XRP. And some of the biggest players in crypto are behind it.

What’s happening:

  • Armada Acquistion Corp II (NASDAQ: AACI) and Evernorth Holdings have entered into a business combination agreement to raise more than $1B USD for the purpose of accumulating XRP to hold directly as an asset

Why it matters:‍

  • Evernorth Holdings will become the single largest publicly traded company focused solely on XRP upon closing of the SPAC transaction

Going deeper:‍

  • Multiple notable crypto venture funds have committed to participating in Evernorth Holdings’ financing round including Pantera Capital, Kraken and GSR
  • Ripple co-founder Chris Larsen will also invest in Evernorth Holdings as part of the new SPAC deal

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