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Evernorth, an organization backed by Ripple-affiliated players, said it is going to go public through a SPAC merger aimed toward constructing a big, public XRP treasury. Based on reports and regulatory filings, the deal would list the brand new company on Nasdaq under the ticker symbol XRPN and lift gross proceeds of greater 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 predicted to lift 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 within 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’m proud to announce that now we have launched @evernorthxrp, a novel institutional vehicle designed to speed up 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 satisfy this moment. … pic.twitter.com/2YGgQsNWCd
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
Ripple: Plans give attention to an institutional XRP treasury
The stated purpose is easy: buy XRP on the open market and hold it on the corporate's balance sheet while earning returns through lending and liquidity activities. Based on reports, the Evernorth team describes the plan as creating the biggest publicly traded institutional treasury of XRP.
This sets the move aside from many crypto corporations that simply create products; Here the asset itself is the core holdings to be managed and publicly reported.
XRPUSD is now trading at $2.38. Chart: TradingView
Market response
The markets reacted quickly. XRP experienced noticeable price fluctuations following the announcement as traders and funds repositioned their exposure. Details within the filing show that the ultimate amount available for XRP purchases will rely on redemptions and transaction costs, which could significantly impact the corporate's purchasing power.
Given the volatility related to large token holdings, Evernorth can also be expected to stipulate its custody and risk management framework. These facets are crucial because concentrated ownership can influence market movement and expose the corporate to large fluctuations in asset value.
The transaction is reportedly expected to shut in the primary 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 can be a key point for anyone considering purchasing XRPN shares.
Featured image from Pexels, chart from TradingView
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