Evernorth to Go Public with $1 Billion XRP Treasury
Evernorth Holdings will go public by merging with Nasdaq-listed Armada Acquisition Corp (AACI). The deal aims to raise $1 billion to build a large XRP treasury.
Key Investors and Use of Funds
- SBI Holdings will invest $200 million.
- Other backers include Ripple, its co-founder Chris Larsen, Pantera Capital, Kraken, and GSR.
- Most of the funds will buy XRP on the open market.
- The rest will support Evernorth’s operations and projects.
Evernorth wants to create the world’s leading institutional XRP treasury. CEO Asheesh Birla said the plan will help shareholders and boost XRP’s use and adoption.
Future Plans and Leadership
After the merger, the new company will be called Evernorth and trade on Nasdaq under the ticker XRPN. The deal is expected to close in early 2026, pending approvals.
Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will advise Evernorth. Garlinghouse said Evernorth shares Ripple’s goal of making XRP a global payment asset.
Evernorth plans to run XRP validators, use Ripple’s RLUSD stablecoin, and support XRP-based DeFi projects. The company will also provide liquidity and back initiatives to grow XRP’s real-world use.
At the time of publication, XRP trades at $2.51, up nearly 5% in 24 hours.
