Michael Arrington and Arrington XRP Capital Fund Forfeit Ripple-Backed Evernorth SPAC Shares
Key Takeaways
- •Michael Arrington and his venture fund, Arrington XRP Capital, have disposed of their XRPN beneficiary shares in Ripple-backed Evernorth Holdings.
- •Evernorth Holdings has disclosed the closing date for its merger with SPAC Armada Acquisition Corp II, establishing a defined timetable to reach public markets.
- •The source report did not specify the size of the forfeited stake or the reasons for the disposal, so the financial scale remains unknown.
- •Arrington launched Arrington XRP Capital in 2017 as a fund with a capital base in XRP, after previously founding TechCrunch and selling it to AOL.
- •Evernorth Holdings is an XRP treasury company holding XRP on its balance sheet, and a SPAC merger provides a path to public listing without a traditional IPO.
American investor Michael Arrington and his cryptocurrency venture fund, Arrington XRP Capital, have disposed of their XRPN beneficiary shares in Ripple-backed Evernorth Holdings.
The development came to light as Evernorth Holdings revealed the closing date for its merger with Armada Acquisition Corp II, a special purpose acquisition company (SPAC), putting the Ripple-backed firm on a defined timetable to reach public markets. The source report did not specify the size of the forfeited stake or the circumstances behind the disposal, leaving the financial scale of the move unclear for now.
Arrington is best known as the founder of technology news site TechCrunch, which he later sold to AOL. He launched Arrington XRP Capital as a digital asset venture fund in 2017, and the fund's name reflects its capital base in XRP, the digital asset associated with blockchain company Ripple.
Evernorth Holdings is a Ripple-backed XRP treasury company, meaning it holds XRP on its balance sheet as a core corporate asset. A merger with a SPAC such as Armada Acquisition Corp II is a common pathway for private companies to become publicly listed without a traditional initial public offering. In such structures, beneficiary shares represent interests held by stakeholders in the company being taken public — the type of interest that Arrington and his fund have now relinquished ahead of Evernorth's listing.
The report was originally published by CoinGape.
