Fundamentals of the Deal: Participants and Developments
Evernorth represents a newly established “digital asset treasury” with a straightforward concept: Aggregate a significant capital pool to primarily acquire and manage XRP.
Instead of necessitating direct token ownership for companies, Evernorth seeks to offer publicly traded shares that provide exposure to XRP through its corporate balance sheet.
To expedite its public introduction, Evernorth is merging with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC) that facilitates the public listing of private entities. Subject to approvals from shareholders and regulators, the merged entity plans to be listed on Nasdaq in Q1 2026 with the ticker XRPN.
The funding goal exceeds $1 billion, with the majority allocated for purchasing XRP on the open market, while a smaller portion is reserved for operational and transaction expenses. The leading investor, SBI Holdings, has committed $200 million, with additional support expected from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, among others—funding intended to help Evernorth establish one of the largest XRP treasuries available to the public.
Evernorth’s leadership is under Asheesh Birla, a long-serving Ripple executive transitioning from Ripple’s board to the CEO role. This transition indicates that Evernorth will function autonomously while still receiving support from Ripple.
Should the merger proceed seamlessly and funding materialize, Evernorth aspires to become the top publicly traded XRP holder. Its structure provides treasurers and investors a lucid method to gain XRP exposure via stock purchases rather than managing custodial wallets and compliance independently.
Structure vs. ETF: Understanding the Framework
Evernorth is not initiating a spot ETF. Rather, it is a public enterprise aiming to maintain a substantial XRP position on its corporate balance sheet.
Investors would purchase Evernorth shares, and the company would utilize the net proceeds to buy and manage XRP directly.
The main distinction from an exchange-traded fund (ETF) is that an ETF passively mirrors the asset. Conversely, Evernorth intends to actively enhance “XRP per share” over time through standard treasury activities. The organization also plans to utilize strategies such as institutional lending, liquidity provisioning, and selected decentralized finance (DeFi) yields, all governed by transparent risk management protocols.
This is relevant for corporations as shares offer liquidity during market hours and entail public company disclosures, along with audited transparency. Furthermore, they eliminate the necessity for developing in-house custody and wallet systems.
Since this represents equity, returns may fluctuate from spot XRP due to strategic decisions, expenses, and equity market valuations. The company presents this fluctuation as a potential value-add.
Did you know? In 2025, Ripple announced its intent to acquire prime broker Hidden Road, utilizing RLUSD as collateral for its brokerage offerings. This initiative is part of a wider strategy into institutional market infrastructure.
Advantages of Shares Over Direct XRP Holding
For finance departments, the draw lies in both simplicity and security.
Direct possession of a crypto token necessitates the establishment of wallets, selection of custodians, creation of trading and compliance protocols, and staff training. Evernorth enables treasurers to purchase listed shares designed to mirror XRP exposure, all while providing public company reporting, audits, and governance oversight.
Evernorth also emphasizes that it won’t merely be a passive holder. The company aims to disclose its XRP assets and strive to enhance “XRP per share” over time. This will be primarily achieved through market purchases and, where suitable, via institutional lending, liquidity provisioning, and select DeFi strategies to yield additional returns.
Essentially, it provides XRP exposure through an equity framework that trades during market hours and adheres to existing controls.
This is significant for firms seeking exposure to the Ripple/XRP ecosystem without the need for developing crypto infrastructure internally.
Did you know? While corporate “crypto treasuries” already exist, they are predominantly centered around Bitcoin (BTC). Approximately 130-160 public firms collectively hold tens of billions of dollars in BTC, led by Strategy.
Operational Aspects: Policy, Yield, Custody, and Transparency
Here’s how Evernorth outlines its operational framework, contingent on the SPAC merger proceeding.
Acquisition Process
The majority of the raised capital is designated for XRP purchases on the open market. Post-merger, the unified company anticipates listing on Nasdaq under the ticker XRPN. This will subject its balance sheet and treasury policies to the routine reporting cycles established by the US Securities and Exchange Commission.
Yield Strategy
In contrast to a spot ETF, Evernorth is delineating an active approach. The company also plans to engage as a validator and utilize Ripple’s RLUSD stablecoin as a streamlined gateway for XRP-related transactions. All these initiatives remain contingent upon market dynamics and the successful closure of the deal.
Management and Independence
Birla will exit Ripple’s board to assume the role of Evernorth’s CEO. Ripple will maintain a strategic investment position, while Brad Garlinghouse, Stuart Alderoty, and David Schwartz are expected to provide advisory support. This structure is designed to ensure alignment within the ecosystem while maintaining operational autonomy for Evernorth.
The Key Question: Can $1 Billion in Purchases Influence XRP?
In absolute terms, $1 billion distributed over several months is substantial but not excessive for XRP.
Ripple’s Q1 2025 update indicates an average daily spot volume for XRP at approximately $3.2 billion across major platforms. This suggests that Evernorth would likely pace its purchases to minimize price slippage. Nonetheless, a consistent buyer can narrow spreads and enhance depth as market makers prepare for predictable demand.
The liquidity has improved since previous years. In 2025, Kaiko recorded a post-settlement peak for XRP on US exchanges, with around $116 million in bids and offers within 1% of the market price. Enhanced depth usually lowers execution costs and aids the market in absorbing bulk orders. It doesn’t negate price risk, as large coordinated orders can still shift the market, but it makes gradual accumulation significantly more feasible.
There are also indirect effects. If Evernorth successfully lists its shares, they could serve as an “XRP proxy” for investors unable to purchase the token directly. If, for instance, the market assigns a premium to the stock, allowing increased XRP per share, Evernorth might secure additional funding and acquire more XRP, creating a reinforcing cycle. Conversely, in risk-averse markets, that cycle could unravel.
Finally, should institutional interest continue to expand through ETF and exchange-traded product (ETP) inflows or increased index allocations, the market landscape surrounding XRP could become more robust. Kaiko’s analysis reveals that indexes beyond BTC and Ether (ETH) have thrived in markets incorporating assets like XRP, which could amplify the influence of any large, consistent buyer like Evernorth.
Did you know? When the XRP Ledger launched in 2012, XRP’s total supply was fixed at 100 billion, and the network does not depend on mining.
Key Developments to Monitor Before Closing
From regulatory transactions to funding structures and execution indicators, the next phase will determine how equipped Evernorth is to implement its XRP strategy in public markets. Here’s what to track as events unfold.
Regulatory Processes: SPAC transactions follow a structured trajectory. Anticipate an SEC Form S-4, the merger proxy and prospectus, followed by a shareholder vote and standard closing conditions from Armada II. The entities aim for a Q1 2026 completion. If finalized, the combined company intends to list on Nasdaq under the ticker “XRPN.”
Funding Logistics: Two elements determine the cash that lands on the balance sheet. One is private investment in public equity (PIPE) allocations associated with the merger; the other is SPAC shareholder redemptions. The headline goal is to secure over $1 billion in gross proceeds, including $200 million from SBI, with further participation anticipated from Ripple, Pantera, Kraken, and GSR. The final mix upon closure will influence Evernorth’s initial ability to purchase XRP.
Operational Strategy Insights: Monitor for a formal treasury policy that delineates the frequency of purchases, any blackout periods, and hedging rules. Expect disclosures related to named custody providers and critical performance metrics such as “XRP per share.” The firm has also indicated possible validator involvement and the use of Ripple’s RLUSD stablecoin as a gateway into XRP-focused DeFi. Filings should clarify what is concretely planned.
Leadership and Governance: Birla will depart from Ripple’s board to take on the CEO role at Evernorth. Ripple executives are projected to serve in advisory positions, showcasing alignment with the broader ecosystem while preserving operational independence. Look for the finalized board composition and committee arrangements, including audit and risk, in the Form S-4 documentation.
Implementation Indicators: Post-listing, the early metrics to monitor will encompass PIPE closing specifics, the initial disclosed XRP acquisitions, and the cadence of quarterly financial reports.
Collectively, these metrics will illuminate whether Evernorth is effectively scaling into the substantial public XRP treasury it envisions.
