Evernorth Launches $1B XRP Treasury via SPAC Deal

Evernorth is coming to market through a business combination with special purpose acquisition company Armada Acquisition Corp II, with the deal expected to close in the first quarter of 2026. The transaction will provide net proceeds of greater than $1 billion that will primarily be used to purchase XRP on the open market, creating what would be the largest publicly traded XRP treasury. The funding comes from contributions by Ripple itself, Ripple co-founder Chris Larsen, and notable crypto firms including Pantera Capital and Kraken.

While shares of Armada Acquisition Corp II (AACI) dropped approximately 2.5% to $10.21 following the announcement, XRP climbed 2% to $2.44 within 24 hours. The market reaction highlights both investor caution around the SPAC structure and optimism about the substantial institutional backing for XRP accumulation. The $1 billion treasury would significantly outpace other recent XRP accumulation announcements, including Trident Digital’s $500 million plan and Webus’s $300 million treasury target.

Evernorth maintains independent governance from Ripple but has secured strategic advisory from the company’s key executives, including CEO Brad Garlinghouse, Chief Legal Officer Stuart Alderoty, and outgoing CTO David Schwartz. This advisory structure ensures alignment with Ripple’s vision while maintaining operational independence. Garlinghouse emphasized this alignment in his statement: “Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world. Evernorth is deeply aligned with that mission, bringing more use cases, participation, and confidence to the XRP ecosystem.”

The leadership team is headed by former Ripple executive Asheesh Birla as CEO, bringing institutional knowledge and credibility to the venture. This combination of independent governance with strategic Ripple input creates a unique structure that leverages Ripple’s expertise while operating as a separate publicly traded entity focused specifically on XRP accumulation and ecosystem development.

Evernorth’s approach extends beyond simple XRP accumulation to include both traditional finance (TradFi) yield generation strategies and decentralized finance (DeFi) yield opportunities. As CEO Asheesh Birla explained, “Evernorth is built to provide investors more than just exposure to XRP’s price. As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem.” This dual approach is designed to generate returns for shareholders while simultaneously supporting XRP’s utility and adoption.

The firm will actively work to foster and expand adoption of the XRP ecosystem, including participation in XRP Ledger validator operations, DeFi protocols, and market development initiatives. By providing liquidity and participating in projects that advance XRP, Evernorth aims to act as “a long-term catalyst for the adoption and institutionalization of the XRP Ledger,” according to the company’s statement. This represents a comprehensive strategy that combines asset accumulation with active ecosystem participation.

Evernorth’s massive XRP treasury initiative comes amid growing institutional interest in the Ripple-linked asset. The announcement follows Trident Digital’s June declaration of its intention to acquire up to $500 million in XRP and travel firm Webus’s plans for a $300 million XRP treasury just a week earlier. This trend signals increasing institutional confidence in XRP as a reserve asset and suggests broader market recognition of its potential utility in global payments and settlements.

The timing of these multiple institutional XRP treasury announcements indicates a maturing market for digital assets, with companies seeking exposure beyond simple price speculation. Evernorth’s combination of traditional finance expertise through its SPAC structure and decentralized finance opportunities through its DeFi deployment strategy represents a sophisticated approach that could set a precedent for future institutional crypto treasury management. As the largest publicly traded XRP reserve, Evernorth’s performance will be closely watched as a bellwether for institutional XRP adoption.