Ripple-Tied Treasury Firm to Raise Over $1 Billion to Go Public

A company whose primary purpose is to hold the cryptocurrency tied to the Ripple payment network, XRP, is set to go public via a blank-check company.

Called Evernorth, the new venture joins an explosion of digital asset treasury companies, or DATs, raising funds through a special purpose acquisition company or SPAC. The publicly listed entities draw investors that want to gain exposure to tokens without directly holding them.

The deal is expected to raised more than $1 billion in proceeds, according to a statement Monday. The Japanese financial services conglomerate SBI Holdings Inc. is contributing $200 million while Ripple Labs ...