Ripple-Backed Evernorth to Go Public via $1B SPAC Deal on Nasdaq
SPAC Merger and Nasdaq Listing Planned for 2026
Evernorth Holdings Inc., a newly formed digital asset firm built around XRP, will go public through a merger with Armada Acquisition Corp II, according to a statement on Monday. The transaction, expected to close in the first quarter of 2026, will value the company at several billion dollars and raise more than $1 billion in gross proceeds. Evernorth plans to list on the Nasdaq under the ticker XRPN.
The funding round is led by some of the industry’s most prominent investors, including SBI Holdings, Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen is also participating. Net proceeds will go toward open-market XRP purchases, as well as working capital and corporate expenses.
“Evernorth is built to provide investors more than just exposure to XRP’s price,” said CEO Asheesh Birla. “As we deploy into both traditional yield strategies and decentralized finance opportunities, we’re aiming to generate returns for shareholders while supporting XRP’s utility and adoption.”
Investor Takeaway
Backing from Ripple and Institutional Investors
The merger follows reports that Ripple Labs was organizing a $1 billion capital raise for an XRP-focused treasury vehicle. Days earlier, Ripple acquired GTreasury for $1 billion to gain exposure to the corporate cash management market, a move that aligns with Evernorth’s plan to create a tradable digital asset treasury.
“XRP has clear regulatory standing in the U.S., and it’s no surprise that companies like @evernorthxrp are looking to focus on XRP,” said Ripple’s chief legal officer Stuart Alderoty on X. “Congrats @ashgoblue and the amazing team he has assembled.”
Birla, who previously served as a senior executive at Ripple, was instrumental in scaling the company’s cross-border payments business. Ripple CEO Brad Garlinghouse, Alderoty, and chief technology officer David Schwartz are expected to advise the new firm, though Evernorth will operate independently. Schwartz, one of the architects of the XRP Ledger, will depart Ripple later this year.
XRP-Focused Business Model
Evernorth intends to manage a large public digital asset treasury centered on XRP, using funds to participate in institutional lending, liquidity provisioning, and DeFi yield markets. The company said it plans to operate XRP Block confirmers, provide liquidity for on-chain projects, and leverage Ripple’s RLUSD stablecoin as a bridge between traditional finance and XRP-based decentralized finance.
“This is designed to create a feedback loop,” Birla said, describing how yield from traditional finance and DeFi markets would be reinvested to grow XRP holdings and support its ecosystem. The company’s model mirrors recent experiments with corporate digital asset treasuries, which allocate yield to specific blockchain ecosystems rather than broad crypto exposure.
Investor Takeaway
Market Context and XRP’s Performance
The launch comes during a resurgence in corporate crypto treasuries, or DATs, which have been popularized by funds tied to BTC, Ether, and Solana. XRP remains a smaller player in that space but has gained renewed interest following regulatory clarity in the U.S. and Ripple’s ongoing expansion into institutional finance.
XRP, the fifth-largest cryptocurrency by market capitalization, was trading 2.5% higher at $2.47 over the past 24 hours, according to The Block’s data. The token’s market capitalization is roughly $150 billion, with a fully diluted valuation of $246 billion. Analysts said the Evernorth transaction could provide steady purchase-side support for XRP if the new company follows through on its plan to allocate treasury proceeds toward token accumulation.
The project also reflects Ripple’s broader effort to embed XRP into mainstream financial infrastructure through both public listings and corporate integrations. For institutional investors, Evernorth’s model offers a regulated, public-market vehicle to gain structured exposure to XRP-based yield without direct custody risk.
