Evernorth to Go Public via $1B SPAC Deal, Aiming to Build the Largest Institutional XRP Treasury

• Evernoth to go public in $1 B SPAC deal , aiming to boost institutional adoption of Ripple's XRP.

• The funding round includes, $200 million from Japanese firm SBI,Investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.

Evernorth to Go Public in $1B SPAC Deal

Evernorth to go public in $1B SPAC deal, through a merger with Armada Acquisition Corp II (Nasdaq: AACI), a publicly traded SPAC.

The transaction, expected to close in the first quarter of 2026, is set to raise more than $1 billion in gross proceeds, making it one of the largest crypto-related public listings to date.

The combined company will trade under the ticker symbol “XRPN”, subject to regulatory approval and listing requirements. Evernorth’s primary mission is to accumulate and manage XRP the fifth-largest cryptocurrency by market cap at institutional scale.

Fueling Institutional XRP Adoption

Evernorth positions itself as a first-of-its-kind publicly listed XRP treasury vehicle, offering investors liquid and transparent exposure to XRP with an active yield strategy. Unlike a passive ETF, Evernorth intends to grow XRP per share over time through. Institutional lending and liquidity provisioning, Participating in XRP-based DeFi yield opportunities, and supporting network security by operating validators.

“Evernorth is built to provide investors more than just exposure to XRP's price,”

said Asheesh Birla, Evernorth’s CEO and former Ripple executive.

“As we capitalize on TradFi yield generation strategies and deploy into DeFi, we also contribute to the growth and maturity of the XRP ecosystem.”

Strategic Backing and $1B Raise

The funding round includes, $200 million from Japanese firm SBI, previously affiliated with SoftBank. Also, Investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.

Net proceeds will mainly be used to purchase XRP on the open market, building what Evernorth aims to be the largest institutional XRP treasury in the world. Additional funds will go toward operations, corporate purposes, and transaction costs.

Leadership and Governance

Evernorth is led by Asheesh Birla, who brings deep experience in scaling Ripple’s cross-border payments business globally. The leadership team includes seasoned capital markets professionals such as CFO Matthew Frymier, COO Meg Nakamura, CLO Jessica Jonas, and CBO Sagar Shah.

Ripple will remain a strategic investor, with CEO Brad Garlinghouse, legal head Stuart Alderoty, and CTO David Schwartz serving as advisors. This ensures alignment with the broader XRP ecosystem while maintaining independent governance.

“Evernorth is deeply aligned with Ripple’s mission to expand XRP’s real-world utility,”

Garlinghouse said.

“I’m confident Asheesh and the team will take XRP’s presence in capital markets to the next level.”

A Favorable Regulatory & Market Backdrop

The announcement comes shortly after U.S. regulators ended a high-profile lawsuit accusing Ripple of selling unregistered securities to institutional investors a key turning point for XRP’s regulatory clarity.

Under a crypto-friendly Trump administration, Ripple and its affiliates are seizing the moment to scale institutional XRP adoption in capital markets. However, the move comes amid heightened volatility: earlier this month, crypto markets saw their largest ever selloff following escalating U.S.–China trade tensions, raising concerns over potential equity-crypto spillovers.

The Road Ahead

Once listed, Evernorth plans to, expand validator participation to strengthen XRP Ledger security,integrate Ripple’s RLUSD stablecoin to boost DeFi on-ramps. Thirdly, Provide liquidity for tokenized assets and cross-border payments and pursue acquisitions to accelerate growth.

This model is designed to not only accumulate XRP but also act as a long-term catalyst for ecosystem expansion bridging traditional finance with blockchain capital markets.

Conclusion

Evernorth’s upcoming Nasdaq debut represents a significant institutional milestone for XRP. By combining a large-scale treasury strategy with active ecosystem participation, the company is positioning itself at the intersection of digital assets and capital markets. If successful, Evernorth could become the anchor vehicle for institutional XRP exposure, similar to how Grayscale’s Bitcoin Trust shaped early BTC adoption on Wall Street.

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