Evernorth, a Ripple-backed firm, has announced plans to go public through a business combination with Armada Acquisition Corp II while establishing the largest institutional XRP treasury in history.
As part of the transaction, the company expects to raise just over $1 billion in gross proceeds, including $200 million from SBI Holdings and significant investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Once the deal is completed, Evernorth will operate under its existing name and trade on Nasdaq under the ticker symbol “XRPN.”
The net proceeds from this public listing will be used to fund open-market XRP purchases, building what Evernorth calls the world’s leading institutional XRP treasury. This initiative follows earlier reports suggesting Ripple was preparing to raise $1 billion for a firm holding XRP as its reserve asset. Recent blockchain data indicates Ripple may have already contributed to this effort, having moved $500 million worth of XRP to a new account in preparation for the treasury formation.
Led by former Ripple executive Asheesh Birla, Evernorth aims to provide investors with transparent, liquid exposure to XRP through a publicly listed vehicle. The company plans to increase its XRP per share value over time by deploying its holdings into institutional lending, liquidity provisioning, and DeFi yield opportunities. Birla emphasized that the firm’s strategy not only gives shareholders price exposure but also strengthens the XRP ecosystem through real utility and yield-based deployment.
Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisors, with Garlinghouse stating that Evernorth’s treasury aligns with Ripple’s vision of expanding XRP’s use cases in global settlements. Chris Larsen added that Evernorth bridges the gap in XRP’s capital market infrastructure, further positioning XRP as a vital digital asset in the evolving DeFi landscape. The transaction is expected to close in the first quarter of next year, pending shareholder and regulatory approval.
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