Evernorth, a company backed by players close to Ripple, said it will go public through a SPAC merger that aims to build a large, public XRP treasury. Based on reports and regulatory filings, the deal would list the new company on Nasdaq under the ticker XRPN and raise more than $1 billion in gross proceeds.
Evernorth Teams With Armada Acquisition Corp II
According to filings, Evernorth has signed a business combination agreement with Armada Acquisition Corp II (AACI). The transaction is structured as a SPAC and is expected to bring in over US$1 billion before costs and possible shareholder redemptions.
Reports have disclosed that Japan’s SBI Holdings has committed US$200 million as an anchor investor. Other backers named in the filings include Ripple, Pantera Capital, Kraken, GSR, and Chris Larsen. Asheesh Birla will lead Evernorth as CEO and will step down from his seat on Ripple’s board.
I’m proud to share that we’ve launched @evernorthxrp, a first-of-its-kind institutional vehicle built to accelerate XRP adoption. With over a decade of uptime and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption — and Evernorth is built to meet that moment.… pic.twitter.com/2YGgQsNWCd
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
Ripple: Plans Focus On An Institutional XRP Treasury
The stated purpose is straightforward: buy XRP in the open market and hold it on the company balance sheet while seeking yield through lending and liquidity activities. Based on reports, Evernorth’s team describes the plan as creating the largest publicly traded institutional treasury of XRP.
That makes the move different from many crypto plays that simply build products; here the asset itself is the core holding to be managed and reported publicly.
Market Reaction
Markets reacted quickly. XRP saw noticeable price swings after the announcement as traders and funds repositioned their exposure. Details in the filings show that the final amount available for XRP purchases will depend on redemptions and transaction costs, which could significantly affect the company’s buying power.
Evernorth is also expected to outline its custody and risk management framework, given the volatility associated with large token holdings. These aspects are critical since concentrated ownership can influence market movement and expose the firm to sharp changes in asset value.
Reports show the deal targets a close in Q1 2026, subject to shareholder votes and regulatory approvals. The company will need to satisfy Nasdaq listing rules and complete standard SPAC closing steps.
Some of the investors involved have long ties to Ripple and the wider crypto market, and those ties are being watched closely by regulators and market participants. The governance arrangements will be a focal point for anyone considering buying XRPN shares.
Featured image from Pexels, chart from TradingView
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