Ripple-backed Evernorth aims to raise over $1B for XRP treasury

Evernorth’s merger with Armada Acquisition seeks to create the largest institutional XRP vehicle and expand token adoption

by Blockworks /

October 20, 2025 10:30 am

rblfmr/Shutterstock and Adobe modified by Blockworks

Evernorth Holdings Inc., a new Nevada-based digital asset company backed by Ripple, announced that it will go public through a merger with Armada Acquisition Corp II, a Nasdaq-listed SPAC.

The transaction, unanimously approved by both boards, is expected to raise more than $1 billion in gross proceeds and close in the first quarter of 2026, subject to customary approvals. Upon closing, the combined company will operate as Evernorth and trade under the ticker symbol XRPN.

Investors include SBI Holdings, which is contributing $200 million, alongside Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Net proceeds will primarily fund open-market purchases of XRP to establish what the company says will be the world’s leading institutional XRP treasury, with remaining funds allocated to operations and general corporate purposes.

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Evernorth’s model differs from passive crypto funds or exchange-traded products by seeking to grow XRP per share over time through lending, liquidity provisioning, and decentralized finance yield strategies.

The company’s leadership is headed by CEO Asheesh Birla, formerly a senior executive at Ripple. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisors. Birla told Reuters he is stepping down from Ripple’s board to focus on Evernorth.

The company says its approach will offer investors liquid, transparent exposure to XRP while contributing to the asset’s broader institutional adoption. Evernorth also plans to operate XRP validators, integrate Ripple’s RLUSD stablecoin for DeFi participation, and provide liquidity across tokenized asset and payment markets.

This is a developing story.

This article was generated with the assistance of AI and reviewed by editor Michael McSweeney before publication.

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