A new crypto venture, backed by Ripple and other digital asset giants, is set to raise over $1 billion and go public as it aims to build the world’s largest institutional XRP treasury.
Key Takeaways
- Evernorth Holdings will merge with Armada Acquisition Corp II to go public under the Nasdaq ticker symbol XRPN in early 2026.
- The deal is expected to raise more than $1 billion, with $200 million coming from Japanese financial group SBI.
- Proceeds will primarily fund XRP purchases, building a massive treasury to support XRP ecosystem growth and adoption.
- The firm is led by Asheesh Birla, former Ripple executive, and backed by major crypto players like Pantera Capital, Kraken, and GSR.
What Happened?
Evernorth Holdings Inc. announced its official public launch and a business combination agreement with Armada Acquisition Corp II, a SPAC listed on Nasdaq. Once completed, the combined company will retain the Evernorth name and begin trading under the ticker symbol XRPN, pending regulatory approvals.
The transaction is projected to raise more than $1 billion in gross proceeds. A significant portion will be used to buy XRP on the open market, establishing Evernorth as the premier institutional XRP treasury.
I’m proud to share that we’ve launched @evernorthxrp, a first-of-its-kind institutional vehicle built to accelerate XRP adoption. With over a decade of uptime and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption — and Evernorth is built to meet that moment.… pic.twitter.com/2YGgQsNWCd
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
A New Kind of Crypto Investment Vehicle
Evernorth is positioning itself as a first-of-its-kind treasury platform, offering investors regulated, liquid exposure to XRP without simply tracking its price like a passive ETF. Instead, the firm plans to increase the amount of XRP per share through active participation in:
- Institutional lending
- Liquidity provisioning
- Decentralized finance (DeFi) yield strategies
CEO Asheesh Birla, who previously led Ripple’s global payments division, stated:
The company aims to strengthen the XRP ecosystem by investing in validator operations, using Ripple’s RLUSD stablecoin for DeFi integration, and participating in market development initiatives across payments, tokenized assets, and capital markets.
Strategic Backing from Crypto Heavyweights
The $1 billion raise includes a $200 million equity investment from SBI, formerly affiliated with SoftBank. Additional backing comes from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
Evernorth will operate with independent governance. Although Ripple is a strategic investor, it will not control operations. Key Ripple executives, including Brad Garlinghouse, Stuart Alderoty, and David Schwartz, are expected to serve as strategic advisors.
Birla confirmed to Reuters that he is stepping down from Ripple’s board as he transitions to lead Evernorth. He also noted that the firm is actively hiring and evaluating acquisition opportunities.
Deal Timeline and Market Strategy
The merger has been unanimously approved by the boards of both Evernorth and Armada II. It is expected to close in Q1 2026, subject to shareholder and regulatory approvals. Upon closing, each Class A share of Armada II that is not redeemed will convert to a Class A share of Evernorth on a one-for-one basis.
Evernorth has engaged Citigroup Global Markets Inc. as its sole private placement agent and capital markets advisor. Legal counsel includes Davis Polk & Wardwell LLP for Evernorth and Ripple, with Skadden, Arps advising Citigroup and Wilson Sonsini representing Armada II.
CoinLaw’s Takeaway
In my experience, we rarely see a launch this bold in crypto. Evernorth is not just another digital asset play; it is an ambitious bet on XRP’s long-term viability and utility in institutional finance. Backed by Ripple and heavyweights like SBI and Pantera, this venture could transform how institutional investors access and benefit from XRP. I found their approach to blending traditional finance strategies with DeFi particularly clever. If they execute well, Evernorth could become a model for crypto treasuries in capital markets.
