Evernorth, a Ripple-backed company, has announced plans to go public while creating the largest XRP treasury ever established. Through a business combination agreement, Evernorth aims to raise over $1 billion, which will be used to acquire XRP tokens and accelerate the asset’s global adoption.
According to the company’s official statement, the funding includes $200 million from SBI and additional backing from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. The net proceeds will be directed toward open-market purchases of XRP to form a world-leading institutional XRP treasury.
This move follows earlier reports that Ripple intended to raise $1 billion for a firm designed to hold XRP as a reserve asset through a special purpose acquisition company (SPAC). Evernorth has now confirmed its business agreement with Armada Acquisition Corp II, allowing it to list publicly under the Nasdaq ticker “XRPN.”
In addition, Ripple recently transferred around $500 million worth of XRP to a new account—potentially contributing to the Evernorth treasury.
Evernorth described the new treasury as a “first-of-its-kind vehicle” that gives investors liquid, transparent, and simple exposure to XRP through a publicly listed entity. The firm plans to increase its XRP holdings per share by leveraging institutional lending, liquidity provisioning, and DeFi yield opportunities.
Former Ripple executive Asheesh Birla will serve as Evernorth’s CEO. He explained that the company’s strategy extends beyond tracking XRP’s market price—it aims to strengthen the XRP ecosystem by combining traditional finance (TradFi) yield strategies with decentralized finance (DeFi) opportunities. This will generate returns for shareholders while enhancing XRP’s adoption and real-world utility.
Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will act as strategic advisors. Garlinghouse highlighted that Evernorth aligns with Ripple’s mission to promote XRP as a global settlement asset, emphasizing that this treasury could bring more confidence and use cases to the ecosystem.
Meanwhile, Chris Larsen noted that Evernorth addresses a critical gap in XRP’s capital markets and its presence in DeFi products. The transaction with Armada is expected to close in the first quarter of next year, pending shareholder and regulatory approval.
Beyond building its treasury, Evernorth plans to run XRP validators and use Ripple’s RLUSD stablecoin as an entry point to XRP’s DeFi ecosystem. The firm also aims to provide liquidity and support projects that expand XRP’s role in payments, tokenized assets, and institutional finance—positioning Evernorth as a long-term catalyst for the institutionalization and adoption of the XRP Ledger.
