Ripple CEO Endorses $1 Billion XRP Treasury Backed by SBI, Pantera Capital and Kraken

Ripple CEO Brad Garlinghouse has confirmed support for Evernorth, a new XRP-focused vehicle that plans to raise over $1 billion and list on Nasdaq. The deal is expected to close in Q1 2026, with the combined company trading under the ticker XRPN, according to a U.Today report https://u.today/ripple-ceo-reacts-to-1-billion-xrp-treasury-backed-by-sbi-pantera-capital-and-kraken. The funds will be used mainly to acquire XRP on the open market, creating the largest institutional treasury dedicated to this cryptocurrency. The initiative is led by the Japanese SBI Group with a $200 million commitment, and other investors include Pantera Capital, Kraken, and Ripple works. Ripple itself is a strategic investor, and Garlinghouse and other executives serve as advisers. Evernorth aims to expand XRP shares via institutional lending, liquidity, and DeFi strategies, generating returns for shareholders while contributing to XRP adoption.

Ripple CEO Brad Garlinghouse has confirmed support for Evernorth, a new XRP-focused vehicle that aims to raise over $1 billion and list on Nasdaq. The deal is expected to close in Q1 2026, with the combined company trading under the ticker XRPN.

Evernorth, led by former Ripple executive Asheesh Birla, plans to use the net proceeds primarily to acquire XRP on the open market, creating the largest institutional treasury dedicated to this cryptocurrency. The initiative is backed by a $200 million commitment from the Japanese SBI Group, with additional investments from Pantera Capital, Kraken, and Ripple works.

Ripple itself is a strategic investor, and Garlinghouse, along with Chief Legal Officer Stuart Alderoty and CTO David Schwartz, will serve as advisers. Evernorth aims to expand XRP shares via institutional lending, liquidity, and DeFi strategies, generating returns for shareholders while contributing to XRP adoption.

The transaction is expected to create the largest public company dedicated to accumulating and deploying XRP on a large scale. It is designed to provide investors with simple, liquid, and transparent exposure to XRP through a publicly listed vehicle. Unlike a passive ETF, Evernorth seeks to grow XRP per share over time by participating in institutional lending, liquidity provisioning, and DeFi yield opportunities, according to a PR Newswire release https://www.prnewswire.com/news-releases/evernorth-to-go-public-with-over-1-billion-in-gross-proceeds-302588932.html.

Evernorth's strategy is built to harness the growth and broader institutional adoption of XRP. The company plans to operate XRP validators, leverage Ripple's RLUSD stablecoin for DeFi integration, and provide liquidity for market development projects. This will strengthen the resilience and decentralization of the XRP Ledger while expanding its real-world utility.

The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in Q1 2026, subject to customary closing conditions and shareholder approvals.