Evernorth Holdings, an XRP treasury company, is set to go public through a SPAC merger with Armada Acquisition Corp II, trading under the ticker XRPN on Nasdaq. CEO Asheesh Birla announced the move, citing favorable regulatory conditions and institutional readiness as key factors. Despite recent challenges in the crypto treasury sector, Birla remains optimistic about the timing. Evernorth holds 388 million XRP tokens, currently valued at $812 million, reflecting unrealized losses due to a cost basis of $948 million. The company plans to generate yield on its holdings and reinvest in more tokens. Meanwhile, XRP ETFs have seen significant success, accumulating over $1.2 billion since November, surpassing Bitcoin and Ethereum ETFs. Birla emphasizes the importance of scale and active participation in the XRP ecosystem for treasury companies to thrive.