A groundbreaking initiative is set to redefine institutional engagement with the XRP cryptocurrency. Evernorth, a new vehicle specifically focused on XRP, plans to make a significant market impact by raising over $1 billion and listing on Nasdaq, aiming to become the largest institutional treasury dedicated to the digital asset. This strategic move, supported by major players in the crypto and financial sectors, signals a new era for XRP adoption and utility.
A New Institutional Powerhouse for XRP
Evernorth is poised to raise more than $1 billion through a planned merger with Armada Acquisition Corp II, leading to a Nasdaq listing under the ticker XRPN. The deal, expected to finalize in Q1 2026, has a primary objective: to acquire XRP on the open market, establishing an unprecedented institutional treasury for the cryptocurrency. The net proceeds will also cover corporate purposes and transaction costs, but the core mission revolves around strategic XRP accumulation and deployment. This venture marks a pivotal moment, as it would be the first public company solely dedicated to accumulating and actively deploying XRP on such a grand scale.
Strong Backing and Strategic Vision
The ambitious Evernorth project boasts a formidable consortium of investors, underscoring its potential. Leading the fundraising is the Japanese SBI Group with a substantial $200 million commitment, alongside other prominent investors including Pantera Capital, Kraken, GSR, and Rippleworks. Ripple itself is a strategic investor, with CEO Brad Garlinghouse, Chief Legal Officer Stuart Alderoty, and CTO David Schwartz serving as advisors. Evernorth's CEO, Asheesh Birla, a former Ripple executive, envisions the firm as an active treasury. His strategy involves expanding XRP's shares and utility through institutional lending, liquidity provisions, and decentralized finance (DeFi) strategies. This model is designed not only to generate returns for shareholders but also to significantly contribute to the broader adoption and integration of XRP within the institutional landscape.
