Evernorth SPAC Merger Closes: Combined Firm to Hold Over $700 Million in XRP, Lists on Nasdaq
An XRP treasury company called Evernorth completed a SPAC merger, with shares nearly quadrupling in the lead-up to the close. The combined entity will hold approximately $473 million in XRP valued at around $714 million and began trading on the Nasdaq. The merger marks one of the most significant public-market XRP treasury events to date.
Evernorth, an XRP-focused treasury firm, completed its SPAC merger process with shares reportedly nearly quadrupling in the period leading up to the Wednesday merger close. The combined company is reported to hold approximately $473 million in XRP, with that position valued at around $714 million at the time of the announcement.
The merged entity began trading on the Nasdaq following the close of the transaction, giving public equity investors direct exposure to an XRP treasury holding through a listed vehicle. This structure is similar to corporate bitcoin and ethereum treasury strategies that have emerged over recent years, but applied specifically to XRP.
The scale of the XRP position involved places this among the larger known institutional concentrations of XRP held through a publicly traded company. The Nasdaq listing provides a regulated, exchange-traded pathway for institutional and retail investors to gain XRP exposure without holding the asset directly.
Key facts
- •Evernorth SPAC shares nearly quadrupled in the week before merger close
- •Combined company holds approximately $473 million in XRP
- •XRP position valued at approximately $714 million
- •Combined entity began trading on the Nasdaq
- •Merger officially closed on a Wednesday