Evernorth Holdings Inc. has announced plans to go public through a merger with Armada Acquisition Corp II (NASDAQ: AACI), in a transaction expected to generate more than $1bn in gross proceeds.
Evernorth to Go Public, Raising Over $1bn for Institutional XRP Treasury
20 October 2025 - 18:34 CEST
The newly formed Nevada corporation will trade on Nasdaq under the ticker XRPN, pending regulatory approval, and aims to build the world's largest institutional XRP treasury, the company said in a press release.
The deal includes $200mn from SBI Holdings, with additional backing from Ripple, Rippleworks, and leading digital-asset investors including Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen also participated. Net proceeds will fund open-market XRP purchases and general corporate expenses.
Institutional complement to XRP ETFs
The announcement comes just days after a string of spot XRP ETF approvals signaled the token's entry into mainstream investment channels. While those funds provide retail exposure through regulated stock-market products, Evernorth's launch represents the institutional mirror image: a corporate treasury vehicle designed to hold and actively manage XRP at scale.
Together, the two developments mark the broadest push yet to normalize XRP as an investible asset in traditional finance. Where ETFs are passive wrappers, Evernorth will use its capital to participate in lending, liquidity provisioning and DeFi yield strategies to increase its XRP share over time.
"Evernorth is built to provide investors more than just exposure to XRP's price," said Asheesh Birla, the company's chief executive and former Ripple executive. "As we capitalize on existing TradFi yield strategies and deploy into DeFi, we also contribute to the growth and maturity of that ecosystem."
Leadership and strategy
Birla leads a team of capital-markets veterans including Matthew Frymier (CFO), Meg Nakamura (COO), Jessica Jones (CLO) and Sagar Shah (CBO). Ripple is a strategic investor, while executives Brad Garlinghouse, Stuart Alderoty and David Schwartz will serve as advisors to align Evernorth's growth with the wider XRP ecosystem.
Post-merger, Evernorth plans to operate XRP ledger validators, integrate Ripple's RLUSD stablecoin for DeFi products, and provide liquidity for projects using XRP in payments and tokenized-asset markets.
The transaction, unanimously approved by both boards, is expected to close in Q1 2026, subject to shareholder approval.
