Evernode, Holder of 473 Million XRP, Completes SPAC Merger Ahead of Nasdaq Debut on Oct. 12
Summary
- Evernode said it has completed its SPAC merger and is scheduled to begin trading on the Nasdaq under the ticker XRPN on Oct. 12.
- Evernode said it holds about 473 million XRP and about $300 million in cash, with investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
- Evernode said it will pursue a strategy of deploying capital into tokenized assets, blockchain-based lending markets, and payments and settlement infrastructure to expand XRP utility and increase XRP holdings per share over the long term.
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Evernode, a digital-asset company that holds and manages XRP, has completed its merger with a special purpose acquisition company and is preparing to enter the US stock market. The company said it aims to go beyond simply holding XRP by deploying capital into related financial infrastructure and services to increase its XRP holdings per share.
Evernode said on Oct. 9 it completed its merger with Armada Acquisition Corp. II. Its common stock is set to begin trading on the Nasdaq on Oct. 12 under the ticker XRPN. Armada is a SPAC sponsored by Arrington XRP Capital.
As of the merger's completion, Evernode held about 473 million XRP. It also raised about $300 million in cash before deducting transaction costs. Investors included Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
Founder and Chief Executive Officer Ashish Birla said the goal was to build an active XRP treasury company that supports ecosystem growth while meeting the transparency and governance standards required by public markets. The company plans to deploy capital into infrastructure and services that expand XRP's utility and, over the long term, increase XRP holdings per share.
Evernode identified tokenized assets, blockchain-based lending markets, and payments and settlement infrastructure as target investment areas. It said it plans to provide capital needed as institutions expand their participation in blockchain finance and to operate in line with the reporting and disclosure standards that apply to Nasdaq-listed companies.
Arrington Capital founder Michael Arrington said he believed the XRP ecosystem would attract capable developers and capital as it matures. Evernode, he added, will help support the institutionalization of related infrastructure by combining large-scale capital, active participation and public-company standards.
Evernode also plans to hold a Nasdaq closing bell ceremony on Oct. 14 with executives, investors and members of the XRP ecosystem in attendance.
