Evernorth to Build $1B XRP Treasury via SPAC Merger

Evernorth Holdings’ decision to go public through a merger with Armada Acquisition Corp. II represents a strategic move to position itself at the forefront of institutional digital asset adoption. The Nasdaq-listed special purpose acquisition company (SPAC) provides Evernorth with a direct path to public markets, creating what could become one of the first publicly-traded companies with a significant XRP-based treasury. This transaction structure allows Evernorth to bypass traditional IPO routes, accelerating its timeline to become a major player in the digital asset treasury space.

The merger is expected to generate more than $1 billion in gross proceeds, providing substantial capital for Evernorth’s ambitious plans. This significant funding round demonstrates strong market confidence in the company’s business model and the broader potential of digital assets as corporate treasury instruments. The SPAC route, while increasingly common in technology and emerging sectors, represents a novel approach for companies focused specifically on digital asset treasury management, potentially setting a precedent for similar firms seeking public market access.

The $200 million anchor investment from Japan’s SBI Holdings, a company with historical ties to SoftBank, provides substantial validation for Evernorth’s strategy. SBI Holdings’ participation represents significant international institutional interest, particularly from the Asian market where digital asset adoption has been growing steadily. The Japanese firm’s involvement, given its established financial services background and previous digital asset ventures, lends considerable credibility to Evernorth’s approach.

Additional backing from Ripple Labs, Pantera Capital, Kraken, and GSR creates a powerful consortium of industry expertise and financial support. Ripple’s involvement is particularly noteworthy given Evernorth’s existing ties to the company and the focus on XRP treasury building. Pantera Capital brings established cryptocurrency investment experience, while Kraken and GSR contribute trading and market-making capabilities that could prove invaluable as Evernorth executes its large-scale XRP acquisition strategy.

This diverse backing from both traditional financial institutions and cryptocurrency-native firms illustrates the converging interests between traditional finance and digital assets. The participation of these well-known entities suggests strong confidence in both Evernorth’s specific business plan and the broader thesis that digital assets are becoming legitimate components of corporate treasury management.

Evernorth’s primary objective following the merger completion is to build one of the world’s largest XRP treasuries through open-market purchases of the digital asset. This strategy represents a significant departure from traditional corporate treasury management, which typically focuses on cash, government securities, and other conventional assets. By anchoring its balance sheet in XRP, Evernorth is betting on both the long-term value appreciation of the digital asset and its utility within the broader digital economy.

The planned scale of XRP acquisition—funded by over $1 billion in gross proceeds—could have substantial market implications. Large-scale open-market purchases by a single entity could impact XRP’s liquidity, price discovery, and overall market dynamics. Evernorth’s approach also provides a potential blueprint for other companies considering digital asset treasury strategies, demonstrating how public companies might incorporate cryptocurrencies into their balance sheets.

This move comes amid growing institutional interest in digital assets as treasury instruments, with several public companies having previously announced Bitcoin purchases. However, Evernorth’s focus specifically on XRP, combined with its status as a dedicated digital asset treasury company, represents a novel approach that could further legitimize alternative digital assets beyond Bitcoin for corporate treasury use.

Evernorth’s SPAC merger and subsequent XRP treasury strategy signal a maturation of institutional approaches to digital assets. The involvement of established financial players like SBI Holdings, combined with the public market access provided by the Nasdaq listing, represents a significant step toward mainstream acceptance of digital assets in corporate finance. This development suggests that institutional appetite is expanding beyond speculative investment to include practical treasury management applications.

The transaction also highlights the evolving role of SPACs in bringing innovative financial technology companies to public markets. As traditional IPO routes remain challenging for companies in emerging sectors like digital assets, SPAC mergers provide an alternative path that can accommodate the unique characteristics and growth trajectories of these firms. Evernorth’s successful navigation of this process could encourage other digital asset companies to pursue similar public market strategies.

Ultimately, Evernorth’s planned creation of a massive XRP treasury represents more than just a corporate financial strategy—it serves as a bellwether for broader institutional adoption trends. The company’s ability to secure substantial funding from reputable investors and achieve public market status suggests that digital assets are increasingly being viewed as legitimate components of sophisticated corporate treasury management, potentially paving the way for wider adoption across the financial industry.