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Evernorth to Raise $1 Billion for Largest XRP Treasury, Backed by SBI Holdings and Ripple
ByAinvest
Monday, Oct 20, 2025 9:23 pm ET1min read
Evernorth, a publicly listed vehicle, is raising over $1 billion to create the largest institutional XRP treasury, according to
. The company will merge with Armada Acquisition Corp II and list on Nasdaq under the ticker XRPN, according to . Most proceeds will be used for open-market XRP purchases, with the rest for working capital and corporate expenses. Evernorth aims to create a transparent, actively managed XRP treasury for institutional investors, with a focus on increasing XRP per share and expanding ecosystem participation.Evernorth, a publicly listed vehicle, is raising over $1 billion to create the largest institutional XRP treasury. The company will merge with Armada Acquisition Corp II and list on Nasdaq under the ticker XRPN. Most proceeds will be used for open-market XRP purchases, with the rest for working capital and corporate expenses. Evernorth aims to create a transparent, actively managed XRP treasury for institutional investors, with a focus on increasing XRP per share and expanding ecosystem participation.The initiative is expected to close in Q1 2026, pending regulatory and shareholder approvals. Evernorth is led by Asheesh Birla, a former Ripple executive, and supported by senior leaders in finance, operations, legal, and corporate development. The company's strategy extends beyond treasury management, aiming to run XRP Ledger validators, integrate Ripple’s RLUSD stablecoin, and back projects that expand XRP’s role in payments, tokenization, and capital markets.
The merger represents a significant step in the institutionalization of XRP, providing a hybrid bridge between institutional capital and real-world XRP utility. Evernorth’s model prioritizes liquidity, compliance, and ecosystem growth, positioning it as a key player in the XRP ecosystem. The combined company’s ticker, XRPN, is expected to trade on Nasdaq after regulatory clearance.
Following the announcement, XRP’s price rose 3% to $2.48, according to , indicating market confidence in Evernorth’s approach. The success of the venture will depend on efficient capital allocation, robust risk management, and consistent growth in XRP per share.
References
- Evernorth to Raise $1 Billion for the Largest XRP Treasury
- Evernorth Could List on Nasdaq via SPAC Merger With Armada Acquisition Corp II, Aiming to Build a Large XRP Treasury
- Evernorth to Go Public With Over $1 Billion in Gross Proceeds
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