Evernorth Holdings Inc. officially launched in San Francisco, marking a significant advancement in the adoption of XRP on an institutional level. The newly formed Nevada corporation announced a business combination agreement with Armada Acquisition Corp II, a publicly traded special purpose acquisition company. This merger, once finalized, will result in a combined entity operating under the Evernorth name, expected to trade on Nasdaq under the ticker “XRPN,” subject to regulatory approval.
This transformation is projected to raise over $1 billion in gross proceeds, with major contributions including $200 million from SBI and additional investments from Ripple, Rippleworks, and leading digital asset firms such as Pantera Capital and Kraken. The capital raised will primarily be directed towards acquiring XRP in the open market, positioning Evernorth as the world’s largest public XRP treasury. Additional funds will support operational expenses, working capital, and transaction costs.
Evernorth aims to provide investors with straightforward, liquid, and transparent access to XRP through a publicly listed structure. Unlike traditional passive ETFs, Evernorth seeks to enhance its XRP value per share over time by participating in institutional lending, liquidity provisioning, and DeFi yield opportunities. The structure caters to investors looking not only for price exposure but also for an active strategy to grow assets.
Asheesh Birla, the CEO of Evernorth, expressed confidence in this strategic approach, designed to facilitate the growth of both investor returns and the XRP ecosystem. He emphasized the company’s commitment to leveraging existing financial strategies while integrating innovative DeFi opportunities.
Evernorth’s leadership team comprises seasoned professionals, including CFO Matthew Frymier, COO Meg Nakamura, and CBO Sagar Shah, all bringing extensive experience in capital markets and financial management to the organization. Ripple, a leading provider of digital asset infrastructure, is a strategic investor and will maintain independent governance.
Ripple’s CEO, Brad Garlinghouse, reaffirmed the alignment between Evernorth’s objectives and Ripple’s mission to enhance XRP’s utility as a global asset for efficient payment settlements. This collaboration is expected to expand use cases and increase confidence in the XRP ecosystem.
The transaction has received unanimous approval from both companies’ Boards of Directors, with expectations to close in the first quarter of 2026, contingent on customary closing conditions and shareholder approvals.
In addition to establishing a significant institutional XRP treasury, Evernorth plans to invest in advancing the XRP ecosystem through various initiatives. These include operating XRP validators to enhance ledger security, integrating with DeFi platforms using Ripple’s RLUSD stablecoin, and participating in liquidity efforts to broaden XRP’s practical applications across payments and capital markets.
Following the transaction, Armada II’s shares will convert into Evernorth shares on a one-for-one basis, paving the way for a new chapter in institutional engagement with XRP.
As this endeavor unfolds, the company aims to balance the accumulation of XRP as a reserve asset while acting as a catalyst for the adoption and institutional growth of the XRP Ledger, positioning itself as a significant player in the digital asset landscape.
Citigroup Global Markets Inc. has taken the role of Sole Private Placement Agent and Capital Markets Advisor, with other firms advising Armada Acquisition Corp II. Legal support for both Evernorth and Ripple is provided by Davis Polk & Wardwell LLP.
This venture represents both a bold step for both Evernorth and the broader digital asset market, with the potential to reshape how institutional investors engage with and utilize XRP for a myriad of financial applications.
