- Evernorth plans to go public via a merger with a special purpose acquisition company, Armada Acquisition Corp II.
- The combined company will trade on Nasdaq under the ticker ‘XRPN.’
- The transaction is expected to close in the first quarter of 2026 and will be led by former Ripple executive Asheesh Birla.
Evernorth Holdings (XRPN) on Monday announced plans to go public via a merger with special purpose acquisition company Armada Acquisition Corp II (AACI), moving to operationalize Ripple’s ambitious $1 billion digital asset treasury initiative.
Upon closing, the combined company will trade on Nasdaq under the ticker ‘XRPN’. The transaction has unanimous board approval from both companies and is expected to close in the first quarter (Q1) of 2026, pending customary conditions and shareholder approvals. The company will be led by former Ripple executive Asheesh Birla.
“Evernorth is built to provide investors more than just exposure to XRP’s price. By deploying into TradFi and DeFi yield strategies, we contribute to the growth and maturity of the XRP ecosystem while generating returns for shareholder.”
– Asheesh Birla, CEO, Evernorth Holdings
What Will Evernorth Use Its $1 Billion For?
Evernorth said the transaction is expected to raise more than $1 billion in gross proceeds, including $200 million from SBI and investments from Ripple, Rippleworks, and leading digital asset firms such as Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen is also participating.
It added that the net proceeds will primarily fund open-market purchases of XRP. They may also be used for additional allocations for working capital, general corporate purposes, and transaction expenses.
While other XRP-backed digital asset treasuries (DATs) already operate in the U.S., including VivoPower International (VVPR) and Nature’s Miracle Holding (NMHI), Evernorth is poised to become the largest. VivoPower has announced plans for a $100 million XRP reserve, while Nature’s Miracle Holding intends to acquire $20 million worth of XRP.
The Ripple-Link
The announcement comes after it was reported that Ripple was leading efforts to raise $1 billion to accumulate XRP, which would be housed inside a new digital asset treasury following Ripple’s agreement to acquire treasury management software provider GTreasury for $1 billion.
“Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world. Evernorth is deeply aligned with that mission, bringing more use cases, participation, and confidence to the XRP ecosystem.”
– Brad Garlinghouse, CEO, Ripple
XRP’s price was trading at around $2.46 at the time of writing, up 2.3% in the last 24 hours. On Stocktwits, retail sentiment around the altcoin continued to trend in ‘bearish’ territory as chatter dipped to ‘low’ from ‘normal’ levels over the past day.
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