Evernorth Holdings Inc., a newly-formed Nevada-based company, has announced its public launch, with the sole mission of accelerating the institutional-scale adoption of XRP.
In a press release, Evernorth announced that it recently signed a business combination agreement with a special purpose acquisition company (SPAC) Armada Acquisition Corp II.
Following the completion of the merger, the companies will operate as Evernorth, and will trade under the ticker symbol XRPN on Nasdaq. However, the agreement is subject to regulatory approval and listing requirements.
🚨 Big news: we’re going public.
We’ve entered into a business combination agreement with Armada Acquisition Corp II — a transaction expected to raise over $1B, creating the largest public XRP treasury company on the Nasdaq under “$XRPN.”
Learn more: https://t.co/MxamYqnatw pic.twitter.com/ZccPKerPOM
— evernorthxrp (@evernorthxrp) October 20, 2025
Ripple and SBI Back Deal to Support Largest XRP Treasury Initiative
Notably, the merger is expected to raise a whopping $1 billion in gross proceeds to create the largest XRP treasury ever. Accordingly, Ripple’s longstanding partner SBI Holdings will lead the fundraising effort with an investment of $200 million.
Ripple and other investors, including Pantera Capital, Rippleworks, and Kraken, among others, will also invest in the project. Other notable digital asset leaders and investors, including Ripple co-founder and Chairman Chris Larsen, are also backing the project.
The Crypto Basic first reported this development last week, noting that Ripple alongside other partners intend to establish the world’s largest XRP treasury. However, the specific details of the deal remained unclear at the time.
The latest announcement revealed that the majority of the net proceeds will be directed toward open-market purchases of XRP, aimed at establishing the world’s largest institutional XRP treasury. Additionally, the remaining part of the funds will essentially be used for general corporate purposes, working capital, and transactional expenses.
Ripple Chairman Invests 50M XRP
Commenting on the development, Larsen celebrated the launch of Evernorth, referring to the company as today’s missing link in XRP capital markets.
In the X post, Larsen revealed that he will personally contribute 50 million XRP, currently worth $122.5 million, in support of the initiative.
In a separate comment, Ripple CEO Brad Garlinghouse highlighted the company’s investment and partnership in the project. He expressed strong support for Evernorth and its leadership under Asheesh Birla, noting that the initiative will enhance institutional lending and DeFi yield opportunities for XRP.
While Birla will lead the initiative, Ripple will remain a strategic investor, with the company’s executive Garlinghouse, David Schwartz (CTO), and Stuart Alderoty (CLO) serving as strategic advisers.
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