Evernorth Holdings has announced a significant move to list on Nasdaq with a projected capital injection of over $1 billion dedicated to delineating a treasury focused on XRP. This initiative comes through a merger with the special purpose acquisition company (SPAC) Armada Acquisition Corp II. The new listing is anticipated to begin trading under the ticker symbol “XRPN,” with the transaction expected to finalize by the first quarter of 2026, pending regulatory approvals and other requisite conditions.
The merger will yield gross proceeds exceeding $1 billion, which includes a substantial $200 million investment from SBI Holdings, among other notable contributors like Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Further, individual investors, including Ripple co-founder Chris Larsen, are backing the venture. Evernorth’s plan states that the primary allocation of net proceeds will go toward purchasing XRP on the open market, establishing what the firm believes could be the world’s largest institutional XRP treasury.
Evernorth is introducing a distinctive investment vehicle, diverging from a conventional passive exchange-traded fund (ETF). Instead, it aims to actively manage institutional assets through a transparent treasury framework that employs yield strategies, such as lending and liquidity provisioning, alongside participation in decentralized finance (DeFi) opportunities within the XRP Ledger (XRPL).
The timing for this initiative appears well-considered given the comparatively clear regulatory landscape surrounding XRP in the United States, combined with its substantial liquidity and proven technical resilience in production environments. The company posits that a publicly traded vehicle with transparent operational reporting can enhance access for institutions while simultaneously fostering further maturation in the XRPL DeFi ecosystem.
Evernorth’s strategy to increase “XRP per share” hinges on two principal approaches. Firstly, the firm will pursue core treasury accumulation through open-market purchases of XRP funded by the SPAC proceeds. Secondly, it intends to implement aggressive yield strategies in institutional lending, liquidity provisioning, and DeFi engagement to bolster the treasury over time. This symbiotic model aims to align shareholder returns with the broader utility and adoption of XRP within the XRPL framework.
To lead this endeavor, Asheesh Birla, a significant figure within Ripple, will step into the role of CEO and Board Chair for Evernorth while also resigning from Ripple’s board. The leadership team includes executives with substantial experience in capital markets and regulatory compliance. This transition aims to ensure operational independence, although Ripple remains a strategic investor, with its executives providing advisory insights without direct control over day-to-day operations.
Beyond the treasury initiative, Evernorth plans to allocate additional resources to advance the overarching XRPL ecosystem. This includes enhancing validator operations and network security, integrating DeFi solutions utilizing Ripple’s RLUSD stablecoin for XRP, and participating in projects that broaden the utility of XRP in financial markets and tokenized assets.
The details surrounding this capital-market transaction indicate that each unredeemed Class A share of Armada Acquisition Corp II is expected to convert on a 1:1 basis into Evernorth’s Class A shares upon closing. The anticipated completion date is dependent on shareholder approvals and regulatory reviews.
The institutional vehicle under the ticker XRPN could significantly affect the XRP markets by creating a consistent buy-side demand, enhancing liquidity, and providing a structured investment option for various institutional investors, including pensions, endowments, and family offices. Furthermore, initiatives such as validator operations and liquidity provisioning may facilitate real-world applications and enhance price discovery for XRP on the XRPL.
