Evernorth Holdings will merge with Armada Acquisition Corp II to build the world’s largest XRP treasury, backed by $1 billion in proceeds and strategic investors.
By José Rafael Peña Gholam
Editor Marco T. Lanz
Updated
3 mins read
On October 20, Evernorth Holdings Inc. announced it will go public via a SPAC merger with Armada Acquisition Corp II. The company aims to build the world’s largest institutional XRP XRP $2.49 24h volatility: 3.9% Market cap: $149.47 B Vol. 24h: $4.27 B treasury. Both companies’ boards unanimously approved the transaction, which will generate over $1 billion in gross proceeds.
The new company will allocate most of these proceeds to purchase XRP on the open market. Upon closure, Evernorth will trade as “XRPN” on Nasdaq, pending standard approvals, and will provide investors a regulated vehicle for liquid exposure to XRP. The transaction is expected to close in the first quarter of 2026, subject to regulatory and shareholder approvals.
Many companies are backing this initiative, the principal is SBI Holdings, who will power the fundraising with a $200 million commitment. Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen, are joining the effort.
Ripple’s CEO Brad Garlinghouse and key executives take on strategic advisory roles to Evernorth, fostering operational independence while keeping strong connections with the XRP ecosystem, according to the press release.
Asheesh and team are building something special with @evernorthxrp. We are proud to partner with him — and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… https://t.co/qeAqXtmQcV
— Brad Garlinghouse (@bgarlinghouse) October 20, 2025
Evernorth will not operate as a passive ETF but as an active investment vehicle. Its model actively increases XRP per share through institutional lending, liquidity provisioning, and DeFi yield generation.
The company seeks to create shareholder returns and enhance XRP’s utility by participating in validator responsibilities and integrating with Ripple’s RLUSD stablecoin.
The announcement drove XRP’s price up 2.4% over 24 hours, according to CoinMarketCap. While the broader crypto market remains neutral, XRP stands among the day’s top gainers.
Graphic price of XRP at the time | Source: CoinMarketCap
Several firms allocate part of their balance sheet to XRP, but Evernorth’s public effort will be the largest focused exclusively on the asset. We can make some comparison with some of the more famous:
These firms made large but smaller moves than Evernorth’s $1 billion-plus open-market buy and managed structure. The trend shows public companies increasingly using blockchain tokens as reserves. XRP’s growing DeFi ecosystem and regulatory clarity, with the Ripple lawsuit over, support its appeal.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.
