Evernorth Holdings, a digital asset firm connected to Ripple Labs, is going public through a merger with Armada Acquisition Corp. II, a special purpose acquisition company listed on Nasdaq. The deal is expected to raise over $1 billion and support Evernorth’s plan to build one of the largest XRP reserves in the market.
Once the merger is complete, the new company will trade under the ticker XRPN. The move marks one of the first public listings focused on holding XRP as a core asset.
Over $1 Billion Expected in Capital Raise
The funding round includes a $200 million commitment from SBI Holdings, a financial services group based in Japan. SBI has previously partnered with Ripple on blockchain and payments projects. Other expected backers include Ripple itself, as well as Pantera Capital, Kraken, and GSR.
The funds will be used to buy XRP on the open market. Evernorth plans to use these holdings as part of its broader business strategy, aiming to offer exposure to digital assets through a regulated public company.
According to CEO Asheesh Birla, the structure is designed to help bring XRP into wider use. He stated that the company’s goal is to “accelerate XRP adoption” by making it easier for institutions and retail investors to access XRP through traditional investment channels.
XRP-Focused Treasury Model Gains Momentum
Evernorth is among several companies looking to use digital assets as part of their corporate reserves. The approach has gained more attention since MicroStrategy began acquiring large amounts of Bitcoin for its treasury in 2020.
Ripple has also taken steps in the same direction. Reports show it plans to raise about $1 billion by selling XRP to build out its own asset base. Ripple also recently announced a $1 billion deal to acquire GTreasury, a platform for managing corporate funds. The move is seen as part of Ripple’s push to expand into enterprise-level liquidity and payments tools.
Evernorth’s approach differs from others by focusing on XRP rather than Bitcoin or Ethereum. It aims to become a large-scale holder of XRP and use the asset to support future business lines tied to blockchain-based finance.
Not Everyone Sees Clear Value
While interest in crypto treasuries is growing, many investors remain cautious. Some say that past failures of altcoin projects have made it harder for new digital asset companies to earn trust.
David Bailey, who leads Bitcoin-focused firm Nakamoto, said the market has seen too many failed projects dressed up as new ideas.
“Toxic financing, failed altcoins rebranded as DATs, too many failed companies with no plan or vision. It’s totally muddled the narrative,” he said.
Despite this, more public companies are holding crypto. Data shows that over 200 firms now include Bitcoin in their reserves. A growing number are also looking at other assets like Ethereum, Solana, and newer tokens that show market activity and investor interest.
XRP price is trading at $2.43 at press time, and Evernorth plans to buy the asset through open-market purchases rather than relying on new token distributions. The company is positioning itself to hold a large XRP treasury and explore use cases tied to trading, liquidity, and finance tools built on the token.
Other companies, such as VivoPower, are also moving toward XRP-based strategies. These developments show that more firms are considering digital assets not just as investments but as long-term holdings.
If completed, Evernorth will become one of the first public firms with a business model built around XRP as a primary asset.
