Evernorth Holdings, a Nevada-based company founded by
former Ripple executive Asheesh Birla, plans to go public through a merger with
Armada Acquisition Corp II in a transaction expected to raise more than $1
billion.
Digital assets meet tradfi in London at the fmls25
If approved, the combined company would keep the
Evernorth name and trade on Nasdaq under the ticker XRPN as early as the first
quarter of 2026. Evernorth said it will use the funds to purchase XRP on the
open market and build what it calls the largest publicly traded XRP treasury.
$1 Billion SPAC Deal With Heavyweight Backers
Under the deal terms, Armada’s Class A shares would
convert into Evernorth stock on a one-to-one basis. The funding plan includes a
$200 million commitment from Japan’s SBI Holdings.
“Evernorth is a first-of-its-kind
institutional vehicle built to accelerate XRP adoption,” commented Birla. “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.”
Other investors listed in the announcement include
Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris
Larsen. The company says net proceeds will go primarily toward acquiring XRP,
with a portion set aside for operations and deal expenses.
Both companies approved the transaction, which now
awaits shareholder votes, regulatory clearance and review of potential
redemptions.
Asheesh and team are building something special with @evernorthxrp. We are proud to partner with him — and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… https://t.co/qeAqXtmQcV
— Brad Garlinghouse (@bgarlinghouse) October 20, 2025
Evernorth positions itself as an alternative to
passive crypto products. Instead of tracking XRP’s price, the firm says it will
use lending strategies, market liquidity services, and decentralized finance
yield programs to increase XRP holdings per share.
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The company also plans to run validators on the XRP
Ledger and integrate Ripple’s RLUSD stablecoin as an entry point into XRP-based
DeFi activity.
Leadership With Deep Ripple Ties
Birla will lead a team that includes CFO Matthew
Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas and Chief Business
Officer Sagar Shah. Ripple is listed as a strategic investor, while senior
Ripple figures Brad Garlinghouse, Stuart Alderoty and David Schwartz will act
as strategic advisers.
The company emphasized it will operate with
independent governance, despite the heavyweight Ripple presence. Evernorth expects to file additional documents with
U.S. regulators as the merger process moves forward.
If completed, XRPN would
provide stock market investors a way to gain exposure to XRP’s price
dynamics – plus any returns the firm generates through its active treasury
management.
This article was written by Jared Kirui at www.financemagnates.com.
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