Deal basics: Who’s involved, and what’s being built?
Evernorth is a newly established “digital asset treasury” focused on a straightforward concept: Amass a significant cash pool and primarily utilize it to acquire and oversee XRP.
Instead of mandating companies to hold the token outright, Evernorth seeks to provide a publicly traded stock that grants exposure to XRP (XRP) through its corporate balance sheet.
To expedite its market entry, Evernorth is merging with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC) that facilitates the public transition of private entities. If shareholders and regulators grant approval, the newly combined entity intends to be listed on Nasdaq in Q1 2026 with the ticker symbol XRPN.
The funding objective exceeds $1 billion, with a significant portion directed toward purchasing XRP on the open market while retaining a smaller amount for operational and transaction costs. The main investor, SBI Holdings, has pledged $200 million, with further support anticipated from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and others—funding aimed at enabling Evernorth to construct one of the largest XRP treasuries available in public markets.
Evernorth is led by Asheesh Birla, a veteran of Ripple, who will vacate Ripple’s board to assume the role of CEO. This transition indicates that Evernorth will function independently, despite continued backing from Ripple.
If the deal finalizes and funding proceeds as intended, Evernorth seeks to be the largest publicly traded XRP holder. The company’s structure offers treasurers and investors a straightforward means to gain XRP exposure by acquiring stock rather than managing wallets, custody, and compliance processes themselves.
Structure vs. ETF: How the wrapper works
Evernorth is not launching a spot ETF; it’s a public company that intends to maintain a significant XRP position on its corporate balance sheet.
Investors will purchase shares of Evernorth, with the net proceeds being utilized for direct XRP acquisition and management.
The principal distinction from an exchange-traded fund (ETF) is that an ETF passively tracks its underlying asset. In contrast, Evernorth plans to actively enhance “XRP per share” over time through conventional treasury operations. The company also aims to leverage strategies such as institutional lending, liquidity provision, and selectively engaging in decentralized finance (DeFi) yield, all under clearly defined risk controls.
This is relevant for corporations as shares provide liquidity during market hours and are subject to public company disclosure, alongside a level of audited transparency. Furthermore, this eliminates the necessity for in-house custody and wallet management.
Being equity, returns may deviate from spot XRP owing to strategic choices, expenses, and market pricing. The company presents this variability as a potential added value source.
Did you know? In 2025, Ripple agreed to acquire prime broker Hidden Road, utilizing RLUSD as collateral for its brokerage offerings. This move is part of a wider initiative to enhance institutional market infrastructure.
Why choose shares over holding XRP directly
For finance teams, the allure lies in simplicity and security.
Directly holding a cryptocurrency token necessitates wallet setups, custodian selection, compliance policy drafting, and staff training. With Evernorth, treasurers can opt to buy listed shares that aim to replicate XRP exposure while delivering public reporting, audits, and board oversight.
Evernorth also asserts it won’t be a passive holder. The company intends to disclose its XRP stock and strive to increase “XRP per share” over time. It plans to achieve this mainly through open market purchases and, when suitable, utilizing institutional lending, liquidity provisioning, and selected DeFi tools to enhance yield.
In essence, it provides XRP exposure via an equity framework that trades during market hours and conforms to existing controls.
This is crucial for firms desiring exposure to the Ripple/XRP ecosystem without the need to establish cryptocurrency infrastructure internally.
Did you know? While corporate “crypto treasuries” exist, they primarily revolve around Bitcoin (BTC). Approximately 130-160 public companies collectively hold tens of billions in BTC, led by Strategy.
The mechanics: Policy, yield, custody and disclosure
Here’s how Evernorth describes the operational framework if the SPAC merger is finalized.
How the buying works
The majority of the capital raised is allocated for open-market XRP acquisitions. Following the SPAC merger, the entity is expected to list on Nasdaq with the ticker XRPN. This implies its balance sheet and treasury practices will abide by conventional reporting cycles established by the US Securities and Exchange Commission.
How it aims to add yield
Differentiating from a spot ETF, Evernorth emphasizes an active strategy. The company has also expressed intentions to participate as a validator and utilize Ripple’s RLUSD stablecoin as a convenient on-ramp for XRP-related activities. All this remains contingent on market conditions and the completion of the deal.
Who’s in charge and how it stays independent
Birla will leave Ripple’s board to take the helm of Evernorth. Ripple will retain its role as a strategic investor, with Brad Garlinghouse, Stuart Alderoty, and David Schwartz expected to provide advisory support. This structure aims to preserve ecosystem alignment while ensuring Evernorth’s daily operations are autonomous.
The big question: Can over $1 billion in purchases move XRP?
In absolute terms, a $1 billion influx over several months is substantial yet not insurmountable for XRP.
Ripple’s Q1 2025 update indicates average daily spot volume for XRP at around $3.2 billion across key exchanges. This suggests that Evernorth would likely pace its purchases to minimize market impact. Nonetheless, a consistent buyer can tighten spreads and enhance depth as market makers adjust for predictable demand.
Liquidity has improved compared to previous years. In 2025, Kaiko recorded a post-settlement peak for XRP on US exchanges, with approximately $116 million in orders within 1% of the market price. Increased depth generally reduces execution costs and assists the market in accommodating block flows. While price risk still exists, large clustered orders can influence the market, making gradual accumulation much more manageable.
Secondary effects also exist. If Evernorth successfully lists, its stock could serve as an “XRP proxy” for investors unable to buy the token directly. Should the market assign a premium to the stock, for instance, if XRP per share appreciates, Evernorth may be positioned to raise more capital and acquire additional XRP, creating a reinforcing cycle. Conversely, in risk-averse markets, this cycle could unravel.
Finally, if institutional interest continues to rise through ETF and exchange-traded product (ETP) flows or increased index weights, the market structure for XRP may become increasingly favorable. Kaiko’s analysis shows assets beyond BTC and Ether (ETH) have performed well in environments where XRP is included, potentially amplifying the influence of a large, systematic buyer like Evernorth.
Did you know? XRP’s overall supply was capped at 100 billion XRP when the XRP Ledger debuted in 2012, and the network operates without relying on mining.
What to watch between now and closing
From regulatory filings to funding structures and execution signals, the upcoming phase will illustrate how equipped Evernorth is to extend its XRP strategy in public markets. Here’s what to keep an eye on as the process progresses.
Regulatory steps: SPAC transactions adhere to a specific procedure. Anticipate an SEC Form S-4, the merger proxy and prospectus, followed by a shareholder vote and typical closing prerequisites. The companies aim for a Q1 2026 completion. If successful, the merged entity intends to list on Nasdaq with the ticker “XRPN.”
Funding mechanics: Two elements determine how much liquidity reaches the balance sheet. One involves private investments in public equity (PIPE) associated with the merger. The second pertains to SPAC shareholder redemptions. The primary goal is to achieve over $1 billion in gross returns, which includes $200 million from SBI, with further contributions expected from Ripple, Pantera, Kraken, and GSR. The final mixture at closing will shape Evernorth’s capacity to engage in XRP purchases.
Playbook disclosure: Monitor for a formal treasury policy detailing the frequency of purchases, any blackout periods, and hedging strategies. Expect information regarding specific custody providers and key performance indicators such as “XRP per share.” The company has indicated possible validator participation and the intent to use Ripple’s RLUSD stablecoin as a gateway into XRP-centric DeFi. Filings should elucidate the actual plans.
People and governance: Birla will transition from Ripple’s board to become Evernorth’s CEO. Ripple executives are expected to provide advisory support, ensuring harmony with the broader ecosystem while maintaining operational independence. Look for the finalized board composition and committee structure, encompassing audit and risk, in the Form S-4 submission.
Execution signals: After the listing, initial indicators to observe will include PIPE closing details, the first disclosed XRP acquisitions, and the timing of quarterly reports.
These elements will collectively reveal whether Evernorth is effectively scaling into the expansive public XRP treasury it anticipates.
