A new Ripple-backed venture is set to launch on Nasdaq, aiming to raise more than $1 billion to create the world’s largest public treasury of XRP, signaling a significant push for the cryptocurrency into mainstream capital markets.
Evernorth Holdings, a newly formed company, announced a business combination agreement with Armada Acquisition Corp II (AACI) to go public in the U.S. This transaction is designed to accumulate XRP from the open market.
The goal is to position Evernorth as potentially the world’s largest public treasury for the cryptocurrency. The combined entity will trade on Nasdaq under the ticker XRPN.
The deal includes a $200 million commitment from Japan’s SBI. Other investors include Rippleworks, Pantera Capital, Kraken, Ripple, and Ripple co-founder Chris Larsen.
Most of the net funds will be used for XRP purchases. The remaining capital will cover working capital and deal-related expenses. The transaction is expected to close in the first quarter of 2026, pending various approvals.
Evernorth plans a dynamic approach, moving beyond passive XRP accumulation. Its strategy involves institutional lending, providing liquidity, and engaging in decentralized finance (DeFi) to generate returns.
The company will also operate validators on the XRP Ledger blockchain. It plans to utilize Ripple’s RLUSD stablecoin to facilitate entry into XRP-based DeFi.
Further initiatives include supporting projects focused on payments, capital markets, and tokenized assets within the XRP ecosystem.
Asheesh Birla, a former senior executive at Ripple, leads Evernorth as its CEO. Mr. Birla stated the company is built to offer investors more than mere exposure to XRP’s price.
“By capitalizing on traditional yield opportunities and deploying into DeFi when appropriate, we aim to help mature that ecosystem,” Mr. Birla said. “Our goal is to create returns for shareholders while reinforcing the utility of XRP.”
Mr. Birla will resign from Ripple’s board upon joining Evernorth. He indicated the company would pursue acquisition opportunities and build an investment team.
Ripple CEO Brad Garlinghouse endorsed the initiative. “Having worked alongside Asheesh for many years, I fully trust his ability and the team’s to take XRP’s presence in capital markets to the next level,” Mr. Garlinghouse said.
Ripple will act as a strategic investor. Mr. Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisors. Evernorth maintains it will operate with independent governance despite Ripple executive involvement.
This development follows a growing trend of public companies establishing cryptocurrency treasuries. Nasdaq-listed firms like Trident Digital Tech, Webus International, and VivoPower have also recently moved to accumulate XRP.
The regulatory environment plays a key role in this expansion. A recent U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple concluded with a $125 million fine for unregistered security sales. The resolution has cleared a path for such institutional adoption initiatives.
Amid a volatile crypto market, Ripple seeks to expand XRP’s institutional use in capital markets. XRP, currently the fifth-largest cryptocurrency by market capitalization, was trading at $2.48, up 3% over 24 hours at the time of the announcement.