Evernorth, a company backed by prominent figures associated with Ripple, is set to make waves in the cryptocurrency world with its announcement of a public listing through a SPAC merger. This ambitious endeavor aims to create a substantial public XRP treasury, with reports indicating that the deal could raise over $1 billion in gross proceeds.
Evernorth Teams With Armada Acquisition Corp II
Filings reveal that Evernorth has entered into a business combination agreement with Armada Acquisition Corp II (AACI). This transaction, structured as a SPAC, is expected to yield more than $1 billion before accounting for costs and potential shareholder redemptions.
Reports suggest that Japan’s SBI Holdings has committed $200 million as an anchor investor, while other notable backers include Ripple, Pantera Capital, Kraken, GSR, and Chris Larsen. Asheesh Birla, who will lead Evernorth as CEO, is set to step down from his position on Ripple’s board.
I’m proud to share that we’ve launched @evernorthxrp, a first-of-its-kind institutional vehicle built to accelerate XRP adoption. With over a decade of uptime and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption — and Evernorth is built to meet that moment.… pic.twitter.com/2YGgQsNWCd
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
Ripple: Plans Focus On An Institutional XRP Treasury
The vision for Evernorth is clear: to accumulate XRP in the open market and maintain it on their balance sheet while generating yield through lending and liquidity operations. According to reports, Evernorth aims to establish the largest publicly traded institutional treasury of XRP, distinguishing itself from many crypto ventures that focus solely on product development.
Market reactions to this news were swift, with XRP experiencing notable price fluctuations as traders adjusted their positions. Filings indicate that the final purchasing power for XRP will be contingent upon redemptions and transaction costs, crucial factors that could significantly influence the company’s buying capacity.
In light of these developments, Evernorth is expected to detail its custody and risk management strategies, particularly given the inherent volatility tied to substantial token holdings. These elements are vital as concentrated ownership can sway market movements and expose the firm to drastic asset value changes.
Reports indicate that the deal is projected to close in Q1 2026, pending shareholder approvals and regulatory clearances. The company will need to fulfill Nasdaq listing requirements and complete standard SPAC closing procedures.
With several investors bearing longstanding connections to Ripple and the broader crypto landscape, their involvement will draw keen scrutiny from both regulators and market observers. Governance structures will be pivotal for potential buyers considering XRPN shares.
Featured image from Pexels, chart from TradingView
