- Evernorth will merge with Nasdaq-listed Armada Acquisition Corp II to raise over $1 billion for an XRP treasury.
- SBI Holdings invests $200 million, joining Ripple, Pantera, Kraken, and Chris Larsen in funding Evernorth’s XRP initiative.
- The deal, led by ex-Ripple executive Asheesh Birla, aims to expand XRP liquidity and strengthen institutional participation.
Evernorth Holdings, a Nevada-based digital asset firm backed by Ripple, has announced plans to go public through a merger with Nasdaq-listed Armada Acquisition Corp II, according to Reuters.
The deal aims to raise over $1 billion and establish the largest publicly traded XRP treasury. Once completed, the company intends to trade under the ticker symbol “XRPN.” The move comes amid growing institutional demand for regulated exposure to digital assets and renewed interest in crypto-linked investment vehicles.
Evernorth’s Vision and Strategic Direction
Led by former Ripple executive Asheesh Birla, Evernorth plans to purchase XRP directly from the open market and manage the asset using both traditional and decentralized finance tools.
The company’s primary objective is to build a sizable XRP reserve that can generate long-term value while enhancing liquidity within the network. Birla, who will step down from Ripple’s board, noted that Evernorth will also explore acquisitions and expand its investment team.
The firm’s approach combines conventional asset management practices with blockchain based strategies to strengthen the XRP ecosystem. Notably, the initiative follows Ripple’s own plans to develop a digital asset treasury, reflecting a broader institutional pivot toward crypto-based financial infrastructure.
Funding Support and Institutional Partnerships
Evernorth’s funding round has drawn major backers, including Ripple, SBI Holdings, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. SBI Holdings alone is contributing $200 million in equity, indicating strong institutional confidence in the project.
The expected proceeds will be used to expand XRP holdings and reinforce liquidity in public markets. The deal comes months after U.S. regulators concluded a high-profile legal battle involving Ripple’s XRP sales.
With regulatory clarity improving, industry participants view this development as an opportunity to reintroduce XRP into capital markets through transparent, compliant frameworks. The move aligns with a broader wave of corporate interest in tokenized assets.
Growing Market Momentum for Crypto Treasuries
Evernorth joins a growing list of firms building crypto treasuries to integrate digital assets into their balance sheets. Similar models emerged after MicroStrategy’s Bitcoin strategy gained strength, inspiring firms to adopt alternative assets like Ethereum, Solana, and Ethena.
However, analysts remain watchful of potential market volatility as digital assets intertwine with equity structures. The Evernorth deal, expected to close in early 2026 pending shareholder and regulatory approval, marks another milestone in linking blockchain assets with public markets, further expanding institutional access to XRP exposure.
