Evernorth Clears Vote, Readies 473M XRP Treasury for Nasdaq — SkimNews
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- Evernorth cleared its shareholder vote, paving the way for a Nasdaq debut anchored by a 473 million XRP treasury backed by Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR
- Evernorth plans to grow its XRP holdings per share through yield strategies, participation in the XRP ecosystem, and capital markets activity
- Securitize began trading on the NYSE in July after merging with Cantor Equity Partners II, and CoinShares debuted on Nasdaq in April via a $1.2 billion merger with Vine Hill Capital — two crypto SPAC deals that reached exchanges
- Ether Machine scrapped its planned merger with Dynamix in April, killing a proposed $1.5 billion yield-bearing Ether fund, while Adam Back's Bitcoin Standard Treasury Company abandoned original Cantor Equity Partners I terms in July and postponed its shareholder vote indefinitely
Why it matters: Evernorth's structure offers public-market investors a yield-generating XRP vehicle — a model that has produced sharply diverging outcomes this year. With 473 million XRP and backers like Ripple and Kraken, the deal becomes a live test of whether crypto-treasury SPACs can clear regulatory and market scrutiny after Ether Machine and Bitcoin Standard Treasury walked away.
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