Evernorth Holdings, a Nevada-based firm based by
former Ripple govt Asheesh Birla, plans to go public via a merger with
Armada Acquisition Corp II in a transaction anticipated to lift greater than $1
billion.
Digital property meet tradfi in London on the fmls25
If accredited, the mixed firm would preserve the
Evernorth identify and commerce on Nasdaq underneath the ticker XRPN as early as the primary
quarter of 2026. Evernorth says it’ll use the funds to buy XRP on the
open market and construct what it calls the biggest publicly traded XRP treasury.
$1 Billion SPAC Deal With Heavyweight Backers
Below the deal phrases, Armada’s Class A shares would
convert into Evernorth inventory on a one-to-one foundation. The funding plan features a
$200 million dedication from Japan’s SBI Holdings.
“Evernorth is a first-of-its-kind
institutional car constructed to speed up XRP adoption,” commented Birla. “With
over a decade of uptime and a quickly rising DeFi ecosystem, XRP is
well-positioned for adoption, and Evernorth is constructed to satisfy that second.”
Different traders listed within the announcement embrace
Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris
Larsen. The corporate says internet proceeds will go primarily towards buying XRP,
with a portion put aside for operations and deal bills.
Each corporations accredited the transaction, which now
awaits shareholder votes, regulatory clearance and evaluate of potential
redemptions.
Asheesh and workforce are constructing one thing particular with @evernorthxrp. We’re proud to accomplice with him — and proud to hitch an unbelievable set of traders together with SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to help Evernorth because it participates in institutional… https://t.co/qeAqXtmQcV
— Brad Garlinghouse (@bgarlinghouse) October 20, 2025
Evernorth positions itself as an alternative choice to
passive crypto merchandise. As a substitute of monitoring XRP’s worth, the agency says it’ll
use lending methods, market liquidity companies, and decentralized finance
yield applications to extend XRP holdings per share.
The corporate additionally plans to run validators on the XRP
Ledger and combine Ripple’s RLUSD stablecoin as an entry level into XRP-based
DeFi exercise.
Management With Deep Ripple Ties
Birla will lead a workforce that features CFO Matthew
Frymier, COO Meg Nakamura, Chief Authorized Officer Jessica Jonas and Chief Enterprise
Officer Sagar Shah. Ripple is listed as a strategic investor, whereas senior
Ripple figures Brad Garlinghouse, Stuart Alderoty and David Schwartz will act
as strategic advisers.
The corporate emphasised it’ll function with
unbiased governance, regardless of the heavyweight Ripple presence. Evernorth expects to file extra paperwork with
U.S. regulators because the merger course of strikes ahead.
If accomplished, XRPN would
present inventory market traders a method to achieve publicity to XRP’s worth
dynamics—plus any returns the agency generates via its energetic treasury
administration.
This text was written by Jared Kirui at www.financemagnates.com.
