Evernorth is set to raise over $1 billion to establish what may become the largest institutional XRP treasury. The company has entered into a merger agreement with Armada Acquisition Corp II and intends to list its ticker, XRPN, on Nasdaq.
The majority of the funds will be allocated to open-market XRP purchases, while the remaining will be used for working capital and corporate expenses.
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What Is Evernorth?
The initiative seeks to establish a transparent, actively managed XRP treasury that offers institutional investors liquid exposure and yield opportunities across both traditional and decentralized finance. The deal is anticipated to close in Q1 2026, pending the necessary regulatory and shareholder approvals.
Evernorth acts as a public vehicle designed to provide institutional investors with active exposure to XRP.
In contrast to a passive ETF, it aims to generate yield through open-market accumulation, institutional lending, liquidity provision, and decentralized finance (DeFi) strategies.
The model focuses on increasing XRP per share and enhancing ecosystem participation. The merger represents over $1 billion in potential gross proceeds.
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This includes a $200 million commitment from SBI Holdings, as well as investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR.
The initiative is led by Asheesh Birla, a former Ripple executive, backed by senior leaders in finance, operations, legal, and corporate development.
Most net proceeds will facilitate systematic XRP accumulation to build a sustainable treasury, while a smaller portion will cover operational costs.
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Strategy and Ecosystem Role
Evernorth’s strategy transcends treasury management. It plans to operate XRP Ledger validators to enhance decentralization, integrate Ripple’s RLUSD stablecoin as a DeFi conduit, and support initiatives that broaden XRP’s utility in payments, tokenization, and capital markets.
This framework balances liquidity, compliance, and ecosystem growth, positioning Evernorth as a pivotal bridge between institutional capital and real-world XRP functionality.
The combined entity’s ticker, XRPN, is expected to be listed on Nasdaq following regulatory approval.
Governance will maintain operational independence, with Ripple serving as a strategic investor and ecosystem executives acting as advisors.
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The merger is projected to finalize by Q1 2026, contingent on conventional approvals. Transparent governance and effective regulatory communication will be crucial during the transition.
XRP Market Reaction
After the announcement, XRP’s price increased by 3% to $2.48, based on BeInCrypto data. Analysts observed that Evernorth’s structure may introduce significant liquidity and stability to the XRP ecosystem.
If executed effectively, the model could establish Evernorth as a vital institutional gateway, providing both active yield generation and ecosystem support.
Its success will hinge on efficient capital allocation, risk management, and consistent growth in XRP per share.
