Evernorth Sets Sights on $1 Billion XRP Treasury
Evernorth Holdings, backed by Ripple, has unveiled plans to raise $1 billion. The goal for them is to create the world’s largest institutional XRP treasury. The move is part of its upcoming public listing through a merger with Armada Acquisition Corp (AACI), a Nasdaq-listed special-purpose acquisition company.
According to Evernorth, the $1 billion in proceeds will be used mainly to purchase XRP on the open market, forming the backbone of its digital asset treasury. The remainder will fund operations and expansion.
CEO Asheesh Birla described the initiative as a “symbiotic model” that aligns shareholder returns with the long-term growth of the XRP ecosystem. “Our strategy is designed to generate returns for shareholders while supporting XRP’s utility and adoption,” Birla said.
The merger deal has been unanimously approved by both companies’ boards and is expected to close in the first quarter of 2026, pending shareholder and regulatory approval. The combined entity will retain the Evernorth name and trade on Nasdaq under the ticker XRPN.
Strategic Backing from Ripple, SBI, and Pantera
Evernorth’s funding round has attracted several prominent investors. SBI Holdings will contribute $200 million, while Ripple, its co-founder Chris Larsen, Pantera Capital, Kraken, and GSR are also participating.
This diverse investor mix underscores growing institutional interest in XRP as a key digital asset for settlement and liquidity. Evernorth plans to accumulate XRP holdings, not for speculation, but to strengthen infrastructure supporting the token’s ecosystem.
“Ripple has long championed XRP for its utility as a global asset for efficient payments,” said Brad Garlinghouse, Ripple’s CEO. “Evernorth is deeply aligned with that mission, bringing more use cases and confidence to the XRP ecosystem.”
Garlinghouse, alongside Ripple’s CTO David Schwartz and CLO Stuart Alderoty, will serve as strategic advisors to Evernorth. Their role will be to ensure the new entity stays aligned with the broader goals of the XRP network while operating independently.
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Merging for Market Reach
Evernorth’s merger with Armada Acquisition Corp marks a major milestone for blockchain-focused firms seeking public market exposure. By listing under the ticker XRPN, Evernorth aims to provide traditional investors with a new entry point into the XRP ecosystem through a regulated platform.
The company says its treasury model could serve as a new benchmark for institutional adoption of digital assets, integrating blockchain exposure with measurable returns.
Birla noted that Evernorth’s plan isn’t just about holding XRP but also about activating it within the market. “We’re not just accumulating XRP. We’re building the infrastructure for it to move, to be used, and to support liquidity across global markets,” he said.
Strengthening the XRP Ecosystem
Beyond building its treasury, Evernorth intends to take an active role in XRP’s growth. The company plans to run XRP validators, support liquidity pools, and integrate Ripple’s RLUSD stablecoin into its operations.
By combining liquidity management and infrastructure development, Evernorth hopes to expand XRP-powered DeFi and other financial applications across borders.
The firm also plans to back early-stage projects that increase XRP’s use in global trade, settlements, and enterprise payments. According to Birla, this integrated model can “position XRP as a backbone for decentralised financial activity in the next wave of digital infrastructure.”
At the time of writing, XRP traded at $2.51, rising 5% in the past 24 hours — a sign of renewed optimism around Ripple-linked developments.
A New Chapter for Institutional Crypto Adoption
Evernorth’s approach highlights a broader shift in institutional crypto strategy. Instead of speculative exposure, companies are now building structured asset treasuries tied to utility-focused tokens. The partnership with Ripple and key backers positions Evernorth as a bridge between capital markets and blockchain ecosystems.
The merger with Armada also signals a new appetite among investors to access crypto-linked assets via traditional exchanges. By going public, Evernorth gains visibility, liquidity, and credibility in an evolving regulatory landscape.
As Birla summed it up, “We’re building the future of institutional engagement with digital assets — one that’s transparent, compliant, and aligned with real-world utility.”
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