Evernorth, a company backed by Ripple-affiliated players, said it will go public through a SPAC merger aimed at building a large, public XRP treasury. Based on reports and regulatory filings, the deal would list the new company on Nasdaq under the ticker symbol XRPN and raise gross proceeds of more than $1 billion.
Evernorth partners with Armada Acquisition Corp II
According to the filings, Evernorth has signed a business combination agreement with Armada Acquisition Corp II (AACI). The transaction is structured as a SPAC and is expected to raise over $1 billion, before costs and possible shareholder redemptions.
Japan’s SBI Holdings has reportedly pledged $200 million as an anchor investor. Other backers named in the documents include Ripple, Pantera Capital, Kraken, GSR and Chris Larsen. Asheesh Birla will lead Evernorth as CEO and step down from his seat on Ripple’s board.
I am proud to announce that we have launched @evernorthxrpa unique institutional vehicle designed to accelerate XRP adoption. With over a decade of operations and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption – and Evernorth is built to meet this moment.… pic.twitter.com/2YGgQsNWCd
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
Ripple: Plans focus on an institutional XRP treasury
The stated purpose is simple: buy XRP on the open market and hold it on the company’s balance sheet while earning returns through lending and liquidity activities. Based on reports, the Evernorth team describes the plan as creating the largest publicly traded institutional treasury of XRP.
This sets the move apart from many crypto companies that simply create products; Here the asset itself is the core holdings to be managed and publicly reported.
Market reaction
The markets reacted quickly. XRP experienced noticeable price fluctuations following the announcement as traders and funds repositioned their exposure. Details in the filing show that the final amount available for XRP purchases will depend on redemptions and transaction costs, which could significantly impact the company’s purchasing power.
Given the volatility associated with large token holdings, Evernorth is also expected to outline its custody and risk management framework. These aspects are crucial because concentrated ownership can influence market movement and expose the company to large fluctuations in asset value.
The transaction is reportedly expected to close in the first quarter of 2026, subject to shareholder votes and regulatory approvals. The company must comply with Nasdaq listing rules and complete standard SPAC closing steps.
Some of the investors involved have longstanding ties to Ripple and the broader crypto market, and these ties are being closely watched by regulators and market participants. The governance arrangements will be a key point for anyone considering purchasing XRPN shares.
Featured image from Pexels, chart from TradingView
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