Evernorth Plans $1 Billion SPAC IPO to Build Largest Public XRP Treasury
Evernorth Holdings has announced a groundbreaking merger with Armada Acquisition Corp II that could reshape institutional XRP adoption. The newly formed Nevada-based company signed a business combination agreement with the special purpose acquisition company (SPAC) to raise over $1 billion in gross proceeds. Once approved, Evernorth will trade on Nasdaq under the ticker symbol XRPN.
This development marks a significant milestone for XRP’s integration into traditional financial markets. The transaction includes a $200 million commitment from SBI Holdings, alongside investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen personally pledged to invest 50 million XRP tokens, valued at approximately $125 million at current prices.
How Evernorth’s XRP Treasury SPAC Deal Works
The majority of net proceeds will fund open-market XRP purchases to establish the world’s largest institutional XRP treasury. Unlike passive exchange-traded funds, Evernorth plans an active management strategy. The company intends to generate yield through institutional lending, liquidity provision, and decentralized finance participation.
CEO Asheesh Birla, a former Ripple executive, stepped down from Ripple’s board to lead Evernorth’s operations. The company’s leadership team includes CFO Matthew Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas, and Chief Business Officer Sagar Shah. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisors while Evernorth maintains independent governance.
Strategic Vision Behind the Public XRP Treasury
Beyond treasury operations, Evernorth plans to run validators on the XRP Ledger and leverage Ripple’s RLUSD stablecoin as an entry point into XRP-based DeFi. The company aims to support initiatives centered on payments, capital markets, and tokenized assets. These expansion plans depend on successful transaction closure and favorable market conditions.
The timing aligns with broader crypto industry trends. SPACs accounted for 104 of the 168 IPOs in the United States through 2025, representing approximately 62% of total offerings. Several digital asset companies have pursued similar strategies, with The Ether Machine announcing a $1.6 billion SPAC merger in July focused on Ethereum.
Market Response to Evernorth’s Nasdaq SPAC Listing
Initial market reaction showed caution, with XRP trading down 3% to 8% following early reports around October 17, 2025. However, as formal announcement details emerged, XRP experienced a 6% rise in the 24 hours leading to October 20, 2025, settling around $2.46 to $2.47. XRP maintains its position as the fifth-largest cryptocurrency with a market cap approaching $150 billion.
Ripple’s broader institutional strategy gained momentum following regulatory clarity in the United States. The company recently completed a $1 billion acquisition of GTreasury, a corporate treasury management platform, strengthening its enterprise infrastructure capabilities. These moves demonstrate Ripple’s commitment to bridging traditional finance with digital asset ecosystems.
Conclusion
The deal is expected to close in the first quarter of 2026, creating what Evernorth describes as the largest publicly traded XRP treasury. This structure addresses critical barriers to institutional participation, including liquidity concerns, custody requirements, and regulatory compliance challenges. The public vehicle model provides qualified investors with XRP exposure while benefiting from professional management and yield generation strategies.
Institutional appetite for digital asset treasury companies continues growing beyond Bitcoin-focused initiatives. Michael Saylor’s Strategy pioneered the corporate treasury Bitcoin model, accumulating nearly 700,000 BTC. Evernorth’s approach applies similar principles to XRP, potentially establishing new benchmarks for altcoin treasury management. The involvement of established financial institutions like SBI Holdings signals increasing mainstream acceptance of digital assets as legitimate balance sheet components.
