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XRP Crypto Treasury Firm Evernorth Files S-4 for $1 Billion SPAC Deal

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XRP crypto just got its own treasury company heading to Wall Street.

Evernorth filed its Form S-4 with the SEC on Wednesday, formalizing a merger with SPAC Armada Acquisition Corp. II. The deal is expected to generate over $1 billion in gross proceeds.

The merged entity, Evernorth Holdings Inc., projects holding at least 473 million XRP at launch. Funded through Ripple contributions and open-market purchases using merger proceeds.

Key Takeaways
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  • Deal Structure: Merger with Armada Acquisition Corp. II targeting a Nasdaq listing under tickers XRPN and XRPNW.
  • Treasury Assets: Combined entity expects to hold a minimum of 473 million XRP plus additional open-market acquisitions.
  • Strategic Backing: Capital commitments involve major industry players including Ripple, SBI, and Pantera Capital.

Evernorth Deal Mechanics: Beyond Passive Holding

Evernorth is not just buying and hoarding XRP like MicroStrategy does with Bitcoin. The plan involves active yield generation through lending markets, liquidity provisioning, and validator operations on the XRP Ledger. They are also integrating Ripple’s RLUSD stablecoin directly into the strategy.

The SPAC conversion is straightforward. Armada Acquisition Corp. II becomes Evernorth Holdings and lists on Nasdaq under the ticker XRPN. SBI and Kraken are among the institutional investors already lined up. Davis Polk is handling legal, making sure the structure survives regulatory scrutiny.

The mandate is clear. Build a balance sheet that acts as a direct proxy for the XRP ecosystem. Use the $1.1 billion financing to dominate the asset’s float.

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The timing fits a broader pattern. RedotPay is targeting a $150 million pre-IPO raise for a US listing. Crypto firms are racing to access public capital markets while the window is open.

What It Means for XRP Crypto: The Institutional Premium

XRPN opens a door that did not exist before. Equity-only funds that cannot hold crypto directly can now get XRP exposure through a Nasdaq-listed stock. That is a significant new liquidity valve for institutional capital sitting on the sidelines.

Goldman Sachs already has a reported $154 million position in related crypto instruments. Evernorth locking hundreds of millions of XRP into a corporate balance sheet alongside that kind of institutional interest could meaningfully reduce volatility in the spot market.

The bull case is reflexive. XRPN trades at a premium to NAV, the firm issues more shares, buys more XRP, drives spot prices higher, repeat. CEO Asheesh Birla has been explicit about the goal. Grow XRP per share. That signals aggressive accumulation is the core strategy.

The bear case is regulatory timing. SPACs face intense disclosure requirements and the SEC review process can drag. If the merger close gets delayed, the entire $1.1 billion capital deployment sits frozen. The environment has improved significantly under Paul Atkins but the risk is real.

The infrastructure is built. The vehicle exists. Now the market decides whether it wants to pay a premium for access.

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The post XRP Crypto Treasury Firm Evernorth Files S-4 for $1 Billion SPAC Deal appeared first on Cryptonews.

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Crypto World

US Treasury To Give Crypto Industry Cybersecurity Intelligence at ‘No Cost’

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United States, Cybercrime, Cybersecurity, Hacks

The US Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) announced on Thursday that it is expanding its cybersecurity threat identification program to include digital asset companies.

Blockchain companies that choose to take part in the program will receive the same cybersecurity threat intelligence provided to traditional financial institutions at “no cost,” according to the Treasury’s announcement.  

“Cyber threats targeting digital asset platforms are growing in frequency and sophistication,” Cory Wilson, the deputy assistant secretary for cybersecurity at the OCCIP, said. 

United States, Cybercrime, Cybersecurity, Hacks
Losses from crypto hacks between 2022 and 2025. Source: TRM Labs

The initiative fulfills policy recommendations from US President Donald Trump’s administration, outlined in its July 2025 report, titled “Strengthening American Leadership in Digital Financial Technology.” 

Cointelegraph reached out to the Department of the Treasury but did not receive a response by the time of publication.

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The initiative reflects the ongoing challenge of countering evolving cybersecurity threats impacting blockchain protocols and their users, as financial losses from decentralized finance (DeFi) platform hacks alone reached nearly $169 million in the first quarter of this year. 

Related: Google Threat Intel flags ‘Ghostblade’ crypto-stealing malware

Foreign intelligence operatives continue infiltrating crypto projects and companies

Crypto projects and users are increasingly subject to evolving cybersecurity threats, which can be carried out by social engineering or infiltration by state-affiliated hackers, including the North Korean-linked Lazarus Group.

Drift Protocol, a decentralized cryptocurrency exchange, suffered a $280 million exploit this month at the hands of suspected North Korean-affiliated hackers.

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The Drift team physically met the malicious actors at a “major” crypto industry conference and interacted with them for months after the initial meeting, according to a preliminary incident report from Drift Protocol.

United States, Cybercrime, Cybersecurity, Hacks
Source: Nic Puckrin

During the months-long interaction, the hackers deployed crypto-stealing malware on the Drift team’s developer machines, which was activated in the April exploit.

The individuals who first approached the Drift team at the industry conference were not North Korean nationals, according to the report.

The Seals911 team, a group of blockchain cybersecurity specialists, said with “medium-high confidence” that the attack was likely carried out by the same hacker group responsible for the October 2024 hack of the Radiant Capital DeFi platform.

Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis

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