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SBI Holdings Confirms $200 Million Investment in Evernorth, Largest Public XRP Treasury
ByAinvest
Tuesday, Oct 21, 2025 11:33 am ET2min read
SBI Holdings, a Japanese financial institution, has confirmed a $200 million investment in Evernorth, a new institutional vehicle aimed at promoting XRP adoption. The funds will be used to purchase XRP and build one of the world's largest public XRP treasuries. SBI Group has been supportive of XRP, and its chairman, Yoshitaka Kitao, has encouraged the practical application of XRP both domestically and internationally.
SBI Holdings, a prominent Japanese financial institution, has confirmed a significant $200 million investment in Evernorth, a newly formed institutional vehicle aimed at promoting the adoption of XRP. The funds will be directed towards the purchase of XRP and the establishment of one of the world's largest public XRP treasuries [1].Evernorth is set to go public through a merger with Nasdaq-listed Armada Acquisition Corp (AACI), with plans to raise $1 billion in proceeds. The transaction is projected to raise $1 billion, which will be used to establish a digital asset treasury centered on XRP accumulation [1]. SBI Holdings is one of the key backers behind the initiative, contributing $200 million, along with Ripple and its co-founder Chris Larsen, Pantera Capital, Kraken, and GSR.
The majority of net proceeds will be directed towards open-market purchases of XRP to build what Evernorth describes as the "world’s leading institutional XRP treasury," while the remainder will support operations and other corporate initiatives. "This approach is designed to generate returns for shareholders while supporting XRP's utility and adoption," said Asheesh Birla, CEO of Evernorth [1].
Upon completion of the merger, the combined entity will operate with the name Evernorth and list on the Nasdaq under the ticker XRPN. The deal, unanimously approved by the boards of both companies, is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals [1].
SBI Holdings' investment in Evernorth underscores its continued support for XRP and its chairman, Yoshitaka Kitao, has encouraged the practical application of XRP both domestically and internationally [2]. This strategic backing is expected to significantly boost the XRP ecosystem, fostering broader adoption and utility through validator operations, liquidity provision, and integration with Ripple’s RLUSD stablecoin.
Evernorth aims to accelerate growth across the XRP ecosystem by running XRP validators and integrating Ripple’s RLUSD stablecoin to facilitate access to XRP-powered DeFi. It also plans to supply liquidity while backing projects designed to expand XRP’s practical applications in global markets [1].
The XRP price has shown resilience, trading at $2.51 on Monday, up nearly 5% over the past 24 hours at the time of publication [1]. The market's response to Evernorth's ambitious plans remains cautious, with shares of Armada Acquisition Corp II dipping 2.5% to $10.21 following the announcement [2].
The proposed $1 billion XRP treasury would eclipse existing public efforts, positioning Evernorth as a key player in institutionalizing XRP’s role in global payments and DeFi. The firm’s efforts align with Ripple’s longstanding advocacy for XRP in efficient global payments [2].
Evernorth’s strategy involves blending traditional finance yield strategies with decentralized finance opportunities to generate shareholder value. By contributing to validator operations and liquidity provision on the XRP Ledger, the firm aims to foster broader ecosystem maturity and adoption [2].
The merger is expected to close in Q1 2026, enabling immediate treasury buildup and strategic positioning. This timeline allows for regulatory approvals and operational commencement to capitalize on current market dynamics [2].
References
[1] https://www.fxstreet.com/cryptocurrencies/news/ripple-sbi-holdings-pantera-capital-to-raise-1-billion-for-evernorth-xrp-treasury-202510202010
[2] https://en.coinotag.com/evernorth-plans-1-billion-xrp-treasury-backed-by-ripple-executives/
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