Evernorth is raising over $1 billion to build what could become the largest institutional XRP treasury. The company has agreed to merge with Armada Acquisition Corp II and plans to list its ticker, XRPN, on Nasdaq.
Most of the proceeds will go toward open-market XRP purchases, with the rest allocated to working capital and corporate expenses.
What Is Evernorth?
The initiative aims to create a transparent, actively managed XRP treasury offering institutional investors liquid exposure and yield opportunities across both traditional and decentralized finance. The transaction is expected to close in Q1 2026, pending regulatory and shareholder approvals.
Evernorth is a publicly listed vehicle designed to give institutional investors active exposure to XRP.
Unlike a passive ETF, it will pursue yield through open-market accumulation, institutional lending, liquidity provision, and DeFi strategies.
The model prioritizes increasing XRP per share and expanding ecosystem participation. The deal represents more than $1 billion in potential gross proceeds.
This includes a $200 million commitment from SBI Holdings, alongside investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR.
The venture is led by Asheesh Birla, a former Ripple executive, supported by senior leaders in finance, operations, legal, and corporate development.
Most net proceeds will fund systematic XRP accumulation, building a resilient treasury, while a smaller share will cover operations.
Strategy and Ecosystem Role
Evernorth’s plan extends beyond treasury management. It aims to run XRP Ledger validators to strengthen decentralization, integrate Ripple’s RLUSD stablecoin as a DeFi bridge, and back projects that expand XRP’s role in payments, tokenization, and capital markets.
This framework balances liquidity, compliance, and ecosystem growth, positioning Evernorth as a hybrid bridge between institutional capital and real-world XRP utility.
The combined company’s ticker, XRPN, is expected to trade on Nasdaq after regulatory clearance.
Governance will remain operationally independent, with Ripple acting as a strategic investor and ecosystem executives serving as advisers.
The merger is projected to close by Q1 2026, subject to standard approvals. Transparent governance and clear regulatory communication will be critical during the transition.
XRP Market Reaction
Following the announcement, XRP’s price rose 3% to $2.48, according to BeInCrypto data. Analysts noted that Evernorth’s structure could bring measurable liquidity and stability to the XRP ecosystem.
If executed with precision, the model could turn Evernorth into a key institutional gateway, offering both active yield generation and ecosystem support.
Its success will depend on capital allocation efficiency, risk management, and consistent growth in XRP per share.
