TLDR
- Evernorth, backed by Ripple, will merge with blank-check firm Armada Acquisition Corp II to list on Nasdaq under ticker XRPN
- The deal is expected to raise over $1 billion, with Japanese firm SBI contributing $200 million
- The company plans to use proceeds to buy XRP tokens on the open market and build a public XRP treasury
- Evernorth will generate yield through lending, liquidity provision, and DeFi strategies rather than passive holding
- Deal expected to close in Q1 2026 after shareholder approvals and regulatory review
Evernorth Holdings announced plans Monday to go public through a merger with Armada Acquisition Corp II. The deal will list the company on Nasdaq under the ticker symbol XRPN.
The transaction is expected to raise more than $1 billion in gross proceeds. Japanese financial firm SBI has committed $200 million to the raise.
Other investors include Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen is also participating in the funding round.
Evernorth describes itself as a digital asset treasury company focused on XRP. XRP is the fifth-largest cryptocurrency by market cap according to CoinGecko data.
The company will use most proceeds to purchase XRP tokens on the open market. These purchases will build what Evernorth calls the largest publicly traded XRP treasury.
CEO Asheesh Birla previously served as an executive at Ripple. He will step down from Ripple’s board to lead Evernorth full-time.
The company’s leadership team includes CFO Matthew Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas, and Chief Business Officer Sagar Shah. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisers.
Active Treasury Strategy
Evernorth plans to take an active approach rather than simply holding XRP tokens. The company will lend to institutions and provide liquidity to generate returns.
The firm also intends to participate in decentralized finance strategies when appropriate. These activities aim to increase XRP per share over time for investors.
The company will run validators on the XRP Ledger. It plans to use Ripple’s RLUSD stablecoin as an entry point into XRP-based DeFi.
Evernorth says it will support projects focused on payments, capital markets, and tokenized assets. These initiatives depend on the deal closing and market conditions.
Market Context
The announcement comes months after the SEC ended its lawsuit against Ripple. The case had accused Ripple of selling unregistered securities to institutional investors.
Under the current administration, Ripple is working to expand institutional adoption of XRP. The company aims to increase XRP’s presence in capital markets.
Class A shares of Armada Acquisition Corp II that are not redeemed will convert one-for-one into Class A shares of Evernorth at closing. Both boards have approved the transaction.
The deal is subject to shareholder votes, potential redemptions, and regulatory review. The companies are targeting the first quarter of 2026 for completion.
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