- Evernorth to raise $1B and create the largest institutional XRP treasury.
- Ripple, SBI, and Pantera among key backers funding Evernorth’s XRP acquisition.
- Evernorth to trade as “XRPN” on Nasdaq and integrate RLUSD into XRP DeFi markets.
Evernorth, a Ripple-backed firm, is preparing to go public through a merger with Armada Acquisition Corp II. The company expects to raise over $1 billion in gross proceeds under the agreement. Once completed, both entities will operate as Evernorth and trade on Nasdaq under the ticker “XRPN.”
According to the official announcement, Evernorth’s funding round includes $200 million from SBI Holdings, alongside contributions from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. The net proceeds will be used to purchase XRP from the open market and establish the world’s largest institutional XRP treasury.
Establishing the Largest XRP Treasury
The new treasury will focus on creating a “simple, liquid, and transparent exposure” to XRP for institutional investors. The company plans to deploy its holdings into institutional lending, liquidity provisioning, and DeFi yield opportunities. This initiative follows reports that Ripple transferred approximately $500 million in XRP to a new account last week, which analysts link to the upcoming treasury formation.
Evernorth’s structure mirrors a traditional financial vehicle but will integrate XRP as its primary reserve asset. The approach aims to formalize XRP’s use within capital markets and support its utility in decentralized finance (DeFi) applications.
Leadership and Strategic Oversight
Former Ripple executive Asheesh Birla has been appointed as Evernorth’s Chief Executive Officer. Ripple’s senior figures — Brad Garlinghouse, Stuart Alderoty, and David Schwartz — will serve as strategic advisors. The company stated that it intends to generate returns for shareholders while contributing to the overall maturity of the XRP ecosystem through controlled yield and lending activities.
Ripple co-founder Chris Larsen noted that Evernorth’s model introduces a new layer to XRP’s capital market structure, filling what he described as a missing link between institutional liquidity and DeFi participation. The transaction between Evernorth and Armada is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals.
Beyond its treasury operations, Evernorth plans to run XRP validators and participate in projects designed to enhance XRP’s global utility. The company will also integrate Ripple’s RLUSD stablecoin as an entry point into XRP-based DeFi markets, supporting broader adoption of XRP as collateral and within tokenized asset platforms.
