Big news in the crypto world: Evernorth Holdings just announced a bold plan to build one of the largest publicly traded XRP treasuries. How? By merging with the blank-check company Armada Acquisition Corp II (AACI) and going public on Nasdaq under the ticker XRPN.
Here’s the breakdown: the transaction, expected to close in Q1 2026, could raise over $1 billion, including a $200 million commitment from SBI. And the list of backers reads like a crypto A-list: Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and even Ripple co-founder Chris Larsen.
Why This Matters
Unlike traditional ETFs or passive funds, Evernorth isn’t just tracking XRP’s price. Their plan? Use the majority of the proceeds to buy XRP directly on the open market and create an institutional-grade treasury. The remaining funds will cover operational costs and deal expenses, while AACI’s Class A shares will convert one-for-one into Evernorth shares at closing.
Evernorth isn’t just buying XRP—they’re building a full-service crypto platform:
- Lending to institutions
- Providing liquidity
- Participating in DeFi strategies to generate yield
CEO Asheesh Birla, formerly a senior Ripple executive, emphasizes that the goal is more than price exposure—it’s about active management and creating value for investors.
Tech & Strategy Edge
Evernorth plans to:
- Run validators on the XRP Ledger
- Use Ripple’s RLUSD stablecoin as an on-ramp into XRP-based DeFi
- Support projects in payments, capital markets, and tokenized assets
All this will happen while maintaining independent governance, even as Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz provide strategic guidance.
Next Steps
The deal has both boards’ approval, but now it’s in the hands of shareholders, regulators, and market conditions. If it closes, XRPN could offer investors not just XRP price exposure, but also incremental returns through lending, liquidity provision, and DeFi participation.
In short: this is a game-changing move for institutional crypto investing, potentially opening XRP to public-market investors in a way that’s never been done before.
