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XRP Treasury Play: Evernorth to Go Public in $1B SPAC Deal
- Evernorth Holdings is merging with Nasdaq-listed SPAC Armada Acquisition Corp II to create a publicly traded XRP treasury platform expected to list under ticker XRPN in early 2026.
- The transaction will raise over US$1 billion, with US$200 million from SBI Holdings and backing from Ripple, Pantera Capital, Kraken and GSR, primarily for open-market XRP purchases.
- Led by former Ripple executive Asheesh Birla, Evernorth will actively manage its XRP holdings through lending, liquidity provisioning and DeFi activities to generate yield for shareholders.
- While Ripple is a strategic investor with executives serving as advisers, Evernorth maintains independent governance and represents a separate initiative from Ripple’s US$1 billion GTreasury acquisition focused on corporate treasury management.
Evernorth Holdings has launched with plans to go public through a SPAC merger with Nasdaq-listed Armada Acquisition Corp II (AACI). The combined company, expected to trade under the ticker XRPN, aims to build what it calls the world’s first institutional XRP treasury platform, pending regulatory and shareholder approvals in early 2026.
The deal is projected to raise over US$1 billion (AU$1.5 billion) in gross proceeds, including US$200 million (AU$307 million) from Japan’s SBI Holdings and additional backing from Ripple, Pantera Capital, Kraken and GSR, among others. Most of the funds will go toward open-market XRP purchases, with the remainder set aside for working capital and general corporate purposes.
Led by former Ripple executive Asheesh Birla, Evernorth plans to give investors transparent exposure to XRP through a publicly traded vehicle that actively manages its holdings. The company also intends to participate in XRP-based lending, liquidity provisioning, and DeFi markets to generate yield.
Related: Retiree Says $3M in XRP Stolen After Ellipal Cold Wallet Hack
While Ripple is a strategic investor and its executives, including Brad Garlinghouse, will serve as advisers, Evernorth maintains independent governance. The SPAC transaction marks a new attempt to formalise XRP’s presence in capital markets through a regulated, institutionally focused structure.
XRP Price Continues Shaky Path
Meanwhile, the price of XRP is looking wobbly, as does the rest of the crypto market. The fifth-largest asset by market cap is currently trading at US$2.45 (AU$3.76), down 17% month-on-month.
The Evernorth news is just one of the recent Ripple expansions. The deal with GTreasury (US$1 billion acquisition), for example, is a strategic purchase of a treasury-management software company.
The aim is to integrate GTreasury’s platform — used by large corporates for liquidity, risk, FX, and cash forecasting — with Ripple’s digital-asset infrastructure, enabling firms to manage assets (including stablecoins and tokenised deposits) in real time. Ultimately, this would serve as an enterprise treasury solution rather than function as a public digital-asset treasury investment vehicle.
Related: Institutional Investors Stay Bullish on Bitcoin Heading Into 2026, Coinbase Finds
Ripple President Monica Long said this is an “opportunity to unlock trillions $ in trapped capital for corporates”.
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Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
