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Evernorth Holdings, a Nevada-based company, has announced that it will become a publicly traded company through a merger with Armada Acquisition Corp II (AACI). This merger will be listed on Nasdaq under the XRPN ticker, subject to shareholder and regulatory consent. Both boards vote unanimously in favor of the transaction, and it should be done in the first quarter of 2026.
The company aims to raise more than US$1 billion in gross proceeds, positioning itself as one of the largest XRP treasury firms. The funding round includes a US$200 million investment from Japan’s SBI Holdings and additional backing from Ripple Labs, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Ripple remains a strategic investor in the new entity.
Evernorth plans to use most of the proceeds to purchase XRP on the open market and establish a large institutional treasury. The remaining funds will cover working capital and transaction expenses. The firm aims to provide investors with exposure to XRP while actively increasing the amount of XRP held per share over time.
In contrast to passive vehicles, Evernorth will yield by lending and by providing liquidity, and by engaging in decentralized finance (DeFi) markets. Asheesh Birla, the former Ripple executive and now the CEO of this company, said the company would leverage both the conventional yield prospects and DeFi-based expansion. The objective of this strategy is to empower the XRP ecosystem and provide sustainable shareholder value.
Evernorth will also operate validators on the XRP Ledger and utilize Ripple’s RLUSD stablecoin to facilitate entry into XRP-based DeFi. The firm plans to support projects in payments, capital markets, and tokenized assets, subject to market conditions and deal completion.
The executive team includes CFO Matthew Frymier, the Chief Operating Officer Meg Nakamura, the Chief Legal Officer Jessica Jonas, and the Chief Business Officer Sagar Shah. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz are expected to serve as strategic advisors to the new business.
Evernorth will have a governance structure that is sovereign but closely related to the leadership of Ripple. This alignment, according to the company, is meant to increase the institutional adoption of XRP and its use in global capital markets.
If completed, the merger will make Evernorth the first publicly listed XRP treasury company. The XRPN listing will offer investors regulated exposure to the digital asset’s market performance while supporting broader institutional use of XRP within the financial ecosystem.
