Evernorth To Raise Over $1 Billion and Build the Largest XRP Treasury Company in New U.S. Listing

The newly formed Evernorth, backed by Ripple, has announced that it will go public via a SPAC merger with Armada Acquisition Corp II. As part of the deal, Evernorth expects to raise over $1 billion in gross proceeds. The proceeds will be used to create the largest public XRP treasury company.

Evernorth Eyes $1 Billion SPAC Deal for XRP Treasury Company

Evernorth, a newly formed Nevada-based firm, announced plans on Monday to go public via a special purpose acquisition company (SPAC) merger with Armada Acquisition Corp II. Evernorth, founded by former Ripple executive Asheesh Birla, announced that it plans to raise more than $1 billion as it goes public.

After closing the deal in the first quarter of 2026, the new company will operate under the Evernorth name and trade on Nasdaq under the ticker symbol XRPN. According to Evernorth, the funds raised in the deal will be used to purchase XRP on the open market and build what it calls the largest publicly traded XRP treasury.

The company will then focus on giving investors access to “simple, liquid, and transparent exposure to XRP through a publicly listed vehicle.” More than regular exposure to XRP’s price, Evernorth will participate in institutional lending, liquidity provisioning, and DeFi yield opportunities. 

Evernorth will also operate XRP Ledger validator nodes and integrate Ripple’s RLUSD stablecoin as an entry point into XRP-based DeFi activity. The company will fully participate in the XRP ecosystem as a means of supporting XRP’s utility and adoption while generating returns for shareholders.

Backers of the Evernorth SPAC Deal

According to the terms of the deal, the Class A stock of Armada would be converted to Evernorth stock at a ratio of one-to-one. The financing strategy involves a $200 million commitment by SBI Holdings of Japan. Other investors mentioned in the announcement are Ripple, Rippleworks, Pantera Capital, Kraken, GSR and the Ripple co-founder, Chris Larsen.

According to the company, net proceeds will be dedicated mainly to the purchase of XRP, and a part of it will be reserved as the operating capital and the costs of deals. The two firms, Evernorth and Armada, accepted the deal, which is awaiting shareholder votes, regulatory approval, and reconsideration of possible redemptions.

Evernorth, according to Birla, is an institutional vehicle that was constructed to speed up the adoption of XRP. Being more than a decade old, with an expanding DeFi ecosystem, XRP is poised for global adoption, and Evernorth has been created to be ready for it.

The company looks to position itself as a substitute for passive crypto products. Rather than only following the price of XRP, Evernorth Holdings will employ lending platforms, liquidity services in the market, and decentralized finance yield programs to grow the XRP shares and ecosystem.

This way, XRPN would provide investors with a way to gain exposure to XRP’s price dynamics, as well as any additional returns Evernorth Holdings generates through its active treasury management.