Evernorth to Build World’s Largest Institutional XRP Treasury via $1B SPAC Merger

Key Notes

SBI Holdings leads a $200 million commitment alongside Ripple, Pantera Capital, and Kraken, with Brad Garlinghouse serving as strategic advisor.
The company will actively manage XRP holdings through institutional lending and DeFi yield generation rather than operating as a passive ETF vehicle.
Evernorth's $1 billion commitment dwarfs existing corporate XRP treasuries like VivoPower's $100 million and Nature's Miracle's $20 million allocations.

Evernorth Holdings Inc. will go public via a SPAC merger with Armada Acquisition Corp II. The company aims to build the world’s largest institutional 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.

SBI Holdings Leads $200 Million Funding Round

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

Active Investment Strategy Targets DeFi Yields

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.

XRP Price Jumps 2.4% as Institutional Adoption Grows

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:

VivoPower held an initial $100 million in XRP as part of its digital asset strategy.
Nature’s Miracle Holding Inc. announced a $20 million XRP acquisition earlier this year as its corporate treasury program.
Hyperscale Data committed $10 million to XRP in 2025, targeting cross-border payment use cases.

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.