Evernorth Finalizes SPAC Merger to Launch XRP-Focused Public Entity

The closing of the business combination follows shareholder approval granted on September 30. While the company initially targeted an earlier debut, administrative hurdles pushed the timeline, resulting in the current October 12 launch date. The newly formed entity, led by CEO Asheesh Birla, intends to operate under standard Nasdaq governance and disclosure requirements, with a management team and key investors expected to mark the milestone at a bell-ringing ceremony on October 14.

Evernorth’s treasury structure is composed of both contributed tokens and direct cash acquisitions. According to company filings, the holdings include 126.79 million XRP from Ripple and over 211 million tokens tied to the sponsor, alongside roughly 84.37 million tokens purchased for $214 million. The company plans to leverage this capital to build out XRP infrastructure, focusing on onchain credit markets, tokenized assets, and settlement systems. By managing these assets alongside institutional yield strategies, Evernorth aims to increase the amount of XRP per share, offering investors a vehicle for exposure to the ecosystem rather than a direct token redemption mechanism.