Evernorth Holdings Goes Public with New XRP Strategy
Evernorth Holdings, a new institutional platform backed by Ripple veterans and major crypto investors, is going public. The Nevada-based company announced a merger with Armada Acquisition Corp II. This deal is expected to raise over $1 billion. The funds will support open-market XRP purchases and ecosystem growth.
Unlike traditional ETFs, Evernorth plans to grow its XRP treasury actively. It will use lending and liquidity operations to increase XRP per share. This approach applies traditional asset management strategies to blockchain markets. It shows that institutional finance is moving from passive exposure to active participation.
Leadership and Strategic Focus
CEO Asheesh Birla, a longtime Ripple executive, said Evernorth was created to “capitalize on institutional demand for compliant, yield-generating digital assets.” The company focuses on utility-driven growth through payments, lending, and DeFi participation.
Ripple CEO Brad Garlinghouse praised the team, saying, “Asheesh and team are building something special with Evernorth.” Evernorth counts investors like SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks among its backers.
Institutional Trend Toward Active Treasury Models
Evernorth’s launch reflects a broader institutional trend. Crypto is increasingly seen as part of liquidity management frameworks, not just speculative assets. By positioning XRP as a yield-bearing treasury asset, Evernorth blends traditional finance with blockchain tools.
This model echoes early Bitcoin treasury strategies but adds a focus on yield. Evernorth’s debut aligns with Ripple’s growing institutional presence. XRP futures on CME have surpassed $3 billion in volume. Regulated XRP products are expanding globally.
Evernorth aims to turn XRP market volatility into strategic capital. It positions XRP as a productive asset, not just a speculative token.
