- Evernorth Holdings is merging with Nasdaq-listed SPAC Armada Acquisition Corp II to create a publicly traded XRP treasury platform anticipated to record beneath ticker XRPN in early 2026.
- The transaction will elevate over US$1 billion, with US$200 million from SBI Holdings and backing from Ripple, Pantera Capital, Kraken and GSR, primarily for open-market XRP purchases.
- Led by former Ripple govt Asheesh Birla, Evernorth will actively handle its XRP holdings by means of lending, liquidity provisioning and DeFi actions to generate yield for shareholders.
- Whereas Ripple is a strategic investor with executives serving as advisers, Evernorth maintains unbiased governance and represents a separate initiative from Ripple’s US$1 billion GTreasury acquisition centered on company treasury administration.
Evernorth Holdings has launched with plans to go public by means of a SPAC merger with Nasdaq-listed Armada Acquisition Corp II (AACI). The mixed firm, anticipated to commerce beneath the ticker XRPN, goals to construct what it calls the world’s first institutional XRP treasury platform, pending regulatory and shareholder approvals in early 2026.
The deal is projected to boost over US$1 billion (AU$1.5 billion) in gross proceeds, together with US$200 million (AU$307 million) from Japan’s SBI Holdings and extra backing from Ripple, Pantera Capital, Kraken and GSR, amongst others. A lot of the funds will go towards open-market XRP purchases, with the rest put aside for working capital and normal company functions.
Led by former Ripple govt Asheesh Birla, Evernorth plans to present buyers clear publicity to XRP by means of a publicly traded car that actively manages its holdings. The corporate additionally intends to take part in XRP-based lending, liquidity provisioning, and DeFi markets to generate yield.
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Whereas Ripple is a strategic investor and its executives, together with Brad Garlinghouse, will function advisers, Evernorth maintains unbiased governance. The SPAC transaction marks a brand new try to formalise XRP’s presence in capital markets by means of a regulated, institutionally centered construction.
XRP Worth Continues Shaky Path
In the meantime, the value of XRP is wanting wobbly, as does the remainder of the crypto market. The fifth-largest asset by market cap is at the moment buying and selling at US$2.45 (AU$3.76), down 17% month-on-month.
The Evernorth information is simply one of many current Ripple expansions. The take care of GTreasury (US$1 billion acquisition), for instance, is a strategic purchase of a treasury-management software program firm.
The intention is to combine GTreasury’s platform — utilized by massive corporates for liquidity, danger, FX, and money forecasting — with Ripple’s digital-asset infrastructure, enabling corporations to handle property (together with stablecoins and tokenised deposits) in actual time. Finally, this may function an enterprise treasury resolution somewhat than operate as a public digital-asset treasury funding car.
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Ripple President Monica Lengthy mentioned that is an “alternative to unlock trillions $ in trapped capital for corporates”.
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