Evernorth Raises $1B for Institutional XRP Treasury

Evernorth Holdings Inc., a newly formed Nevada corporation, has officially launched through a business combination agreement with Armada Acquisition Corp II, a publicly traded special purpose acquisition company (SPAC). This strategic move creates a unique bridge for institutional investors seeking regulated, scalable exposure to XRP, combining public market access with an active treasury management model. Once the transaction closes, the combined company will operate under the Evernorth name and is expected to trade on Nasdaq under the ticker symbol “XRPN,” pending standard listing requirements.

The deal structure represents a significant departure from traditional crypto investment vehicles, offering institutional investors a regulated pathway to XRP exposure through established public markets. By leveraging the SPAC mechanism, Evernorth bypasses the conventional IPO process while providing immediate public market access. This approach addresses one of the primary barriers to institutional crypto adoption—regulatory uncertainty—by operating within the framework of established securities regulations and exchange requirements.

The transaction is projected to raise over $1 billion in gross proceeds, with significant contributions coming from prominent financial and crypto industry players. SBI has committed $200 million, while Ripple Labs and Rippleworks—the charitable foundation supporting social impact ventures—are also participating as investors. Other notable backers include Pantera Capital, Kraken, and GSR, with Ripple co-founder Chris Larsen joining the investment consortium.

Net proceeds will be primarily used to purchase XRP in the open market, establishing what could become one of the largest institutional treasuries for the crypto asset. A portion of the funds will be allocated to working capital, corporate operations, and transaction-related expenses. This substantial capital deployment strategy distinguishes Evernorth from passive investment vehicles by creating an actively managed treasury that aims to increase XRP holdings per share over time through strategic market operations.

Unlike traditional passive ETFs, Evernorth plans to actively manage its XRP treasury through institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities. This active management approach represents a significant evolution in crypto investment strategies, moving beyond simple price exposure to generate additional returns through sophisticated financial operations within both traditional and decentralized finance ecosystems.

In a statement, Evernorth CEO Asheesh Birla explained the company’s philosophy: “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 approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”

Evernorth’s launch follows a growing trend of institutional adoption of XRP treasury strategies. Last week, London-based VivoPower International raised $19 million in fresh equity at $6.05 per share specifically to expand its XRP treasury strategy. The funds will support debt reduction while boosting the company’s long-term XRP holdings, demonstrating increasing corporate confidence in XRP as a treasury asset.

VivoPower’s XRP strategy includes a partnership with Doppler Finance on a $30 million XRP deployment, which is part of a planned $200 million allocation. Additionally, the firm has been testing Ripple’s RLUSD stablecoin for cross-border payments within its Tembo EV unit, aiming for faster settlement and lower costs. These developments indicate a broader institutional movement toward integrating XRP and related technologies into corporate treasury operations and payment systems.