A newly established company in Nevada, Evernorth Holdings, has announced plans to go public and create a sizable treasury of XRP through a merger with a blank-check company, Armada Acquisition Corp II (AACI). The announcement was made in a press release, outlining the agreement which is designed to merge the two entities and result in a publicly traded company under the name Evernorth, anticipated to list on Nasdaq under the ticker symbol XRPN. The closing of the deal is expected in the first quarter of 2026, contingent upon shareholder approvals and meeting listing requirements.
The transaction aims to generate over $1 billion in gross proceeds, which will include a commitment of $200 million from SBI. Other notable investors backing the effort include Ripple, Rippleworks, Pantera Capital, Kraken, and GSR, with contributions from Ripple co-founder Chris Larsen. A significant portion of the net proceeds is intended for purchasing XRP on the open market, thereby constructing an institutional treasury. The remaining funds will be allocated for working capital and various expenses related to the deal. Class A shares of AACI that are not redeemed will convert into Class A shares of Evernorth on a one-for-one basis upon closing.
Eevernorth aims to present a straightforward investment avenue into XRP, while simultaneously striving to enhance the value of XRP per share over time. Unlike a passive tracking of the asset, the company plans to engage in lending to institutions, provide liquidity, and utilize decentralized finance strategies to generate yield. CEO Asheesh Birla emphasized that Evernorth’s mission extends beyond mere price exposure to XRP, focusing on creating returns for shareholders and bolstering XRP’s utility as they tap into traditional yield opportunities and explore decentralized finance when suitable.
In addition to managing treasury operations, Evernorth plans to establish validators on the XRP Ledger and leverage Ripple’s RLUSD stablecoin as an entry point into XRP-based DeFi applications. The company also intends to back various projects related to payment systems, capital markets, and tokenized assets. However, the realization of these ambitions, along with the planned capital raise, relies heavily on the successful closing of the merger and the prevailing market conditions.
Leadership for Evernorth will be provided by Birla, a former senior executive at Ripple, who will work alongside a team that includes CFO Matthew Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas, and Chief Business Officer Sagar Shah. Ripple will act as a strategic investor, with key executives from Ripple, such as Brad Garlinghouse, Stuart Alderoty, and David Schwartz, poised to serve as strategic advisers. Evernorth has pledged to uphold independent governance in its operations.
With both boards having approved the deal, the next steps hinge on shareholder votes, any potential redemptions, and regulatory reviews, as well as the execution of the outlined funding plan. If the merger is finalized, XRPN will provide public-market investors with not only exposure to the price of XRP but also the potential for additional returns through various financial strategies including lending and participation in decentralized finance.
