Ripple-backed Evernorth Holdings Inc. has announced plans to go public through a merger with special purpose acquisition company Armada Acquisition Corp II (Nasdaq: AACI). Upon completion, the combined entity will trade on Nasdaq under the ticker symbol "XRPN," pending regulatory approval.
The transaction is expected to raise over $1 billion in gross proceeds, including $200 million from SBI Holdings and additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen also participated.
The funds will primarily be used for open-market purchases of XRP (XRP) to establish what Evernorth calls the world's leading institutional XRP treasury.
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Led by former Ripple executive Asheesh Birla, Evernorth aims to offer investors liquid, transparent exposure to XRP through a publicly listed vehicle. Unlike a passive ETF, Evernorth plans to grow XRP per share by deploying assets across institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities.
The deal is expected to close in the first quarter of 2026.
Related: XRP becomes third largest crypto after SEC drops case against Ripple
What is Evernorth?
Evernorth is a digital asset treasury company focused on institutional adoption of XRP . It aims to provide investors with simple and transparent exposure to XRP while actively managing its holdings through lending, liquidity provisioning, and decentralized finance (DeFi) strategies.
This story was originally reported by TheStreet on Oct 20, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
