A new player is stepping into the spotlight with ambitions to reshape institutional crypto investment.
Evernorth, backed by Ripple and a coalition of major blockchain investors, has revealed plans to go public while building the largest XRP treasury in history. The firm’s upcoming merger with Armada Acquisition Corp II will pave the way for its listing on Nasdaq, under the ticker XRPN.
A Billion-Dollar Bet on XRP’s Institutional Future
Evernorth intends to raise over $1 billion through its public transaction, including $200 million from SBI Holdings and additional backing from Pantera Capital, Kraken, Rippleworks, GSR, and other high-profile firms. Ripple co-founder Chris Larsen has also joined as a direct investor.
The funds will be used to acquire XRP from the open market, consolidating the tokens into a reserve designed for large-scale financial deployment. Unlike most treasuries, Evernorth plans to put its XRP holdings to work – providing liquidity, facilitating lending, and engaging in DeFi yield generation.
The company’s leadership envisions a structure that allows traditional investors to gain regulated access to XRP without needing crypto wallets or custody solutions. According to the firm, this approach bridges traditional finance (TradFi) and DeFi, giving institutions transparent exposure to digital assets within a familiar investment framework.
Leadership and Ripple’s Deep Involvement
At the helm is Asheesh Birla, a former Ripple executive, now serving as CEO. Birla described Evernorth’s strategy as “more than price exposure,” emphasizing its mission to support the XRP ecosystem through active treasury management. “We’re integrating institutional yield strategies with blockchain opportunities to strengthen utility and adoption,” he said.
Ripple’s top brass – Brad Garlinghouse, David Schwartz, and Stuart Alderoty – will act as strategic advisors, ensuring the company remains aligned with Ripple’s broader vision of XRP as a global liquidity instrument for payments and settlements.
Meanwhile, blockchain data shows Ripple recently moved $500 million in XRP to a new account believed to be linked to the Evernorth initiative, further underscoring its commitment to the project.
A New Chapter for XRP and Digital Markets
Chris Larsen called the project the “missing link” between institutional finance and XRP’s expanding DeFi use cases, describing Evernorth as a structural upgrade for the digital asset’s capital markets.
If approved, the merger is expected to close in early 2026, at which point Evernorth will become one of the first XRP-focused companies to trade publicly. Market analysts say the listing could significantly boost XRP’s visibility among traditional investors and mark a new stage in Ripple’s long-term strategy to integrate blockchain liquidity into regulated finance.
With its hybrid model of institutional backing, on-chain utility, and public accessibility, Evernorth could set the standard for how digital asset treasuries operate in the next decade – combining the rigor of Wall Street with the innovation of decentralized finance.
