PANews reported on October 20th that Evernorth, a crypto startup backed by Ripple, announced on Monday that it will go public on the Nasdaq through a merger with blank-check firm Armada Acquisition Corp II (ticker: AACI.O), raising over $1 billion. The transaction, expected to close in the first quarter of 2026, will create the largest publicly traded Ripple fund management company. Japan's SBI, previously associated with SoftBank, will invest $200 million in the financing in exchange for equity. Also participating in the transaction are Ripple co-founder Chris Larsen, Pantera Capital, and Kraken.