Evernorth Holdings is merging with a Nasdaq-listed SPAC to go public, raising over $1 billion to build one of the world’s largest XRP treasuries. This move highlights surging institutional interest in XRP as a balance sheet asset, with backing from SBI Holdings, Ripple, and others.
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The merger with Armada Acquisition Corp. II will value Evernorth at $1 billion in gross proceeds, enabling public trading under ticker XRPN.
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Funds will support open-market purchases of XRP, positioning Evernorth as a key player in digital asset treasury strategies.
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Investors including Pantera Capital and Kraken are contributing, reflecting 2025’s trend of over 200 public companies holding digital assets like Bitcoin and altcoins.
Discover how Evernorth’s XRP treasury merger signals institutional crypto adoption. Explore the $1B raise, SPAC details, and DeFi implications in this comprehensive guide. Stay ahead in crypto investments.
What is Evernorth’s Plan for an XRP Treasury Merger?
Evernorth Holdings, a digital asset firm connected to Ripple Labs, is pursuing a merger with Armada Acquisition Corp. II, a special purpose acquisition company listed on Nasdaq, to become publicly traded. This strategic move aims to capitalize on the rising demand for digital asset treasury firms among institutions. The transaction, expected to yield more than $1 billion in gross proceeds, includes a significant $200 million commitment from Japan’s SBI Holdings, known for its long-standing involvement in the crypto space. The combined entity will list on Nasdaq with the ticker symbol XRPN, providing investors direct exposure to XRP and related strategies.
How Will This Merger Drive XRP Adoption?
The merger positions Evernorth to construct one of the largest XRP treasuries globally through targeted open-market acquisitions of the token. CEO Asheesh Birla emphasized that this initiative is crafted to “accelerate XRP adoption” in the evolving landscape of decentralized finance (DeFi). By anchoring its balance sheet in XRP, Evernorth could become one of the first major public companies to do so, potentially influencing other firms. This comes amid reports from industry observers, such as those cited in Cointelegraph analyses, indicating Ripple Labs’ own intentions to amass around $1 billion in XRP for its treasury by blending new sales with existing reserves. Supporting this, Ripple’s recent acquisition of GTreasury—a corporate treasury management platform—for approximately $1 billion further bolsters its enterprise solutions for liquidity and payments. Data from BitcoinTreasuries.NET shows that more than 200 public companies now hold digital assets on their balance sheets, with holdings often serving as hedges against inflation or growth opportunities. Birla noted in a statement that this public-market access could democratize XRP investment, drawing parallels to successful Bitcoin treasury models. However, experts like Deng Chao of HashKey Capital caution that traditional finance’s skepticism persists, potentially slowing broader uptake despite assets like XRP showing over 20% year-to-date gains in 2025 per CoinMarketCap statistics.
Other players in the space, such as VivoPower, have similarly announced XRP-centric strategies, underscoring a pattern of institutional pivots toward altcoins beyond Bitcoin. This trend aligns with the broader digital asset treasury (DAT) movement, where companies diversify reserves to include tokens with robust utility in cross-border payments and DeFi protocols.
The Rise of Digital Asset Treasury Strategies
Evernorth’s ambitions reflect a larger wave in corporate finance, where firms increasingly integrate cryptocurrencies into their treasuries for yield generation and portfolio diversification. In 2025, this approach has gained traction following pioneering efforts like MicroStrategy’s Bitcoin accumulation, which now exceeds 700,000 BTC valued at billions. Public companies are not only holding Bitcoin but also exploring altcoins such as Ethereum (ETH), Solana (SOL), and Ethena (ENA) for their innovative ecosystems. According to data from Standard Chartered, global institutional crypto allocations reached $150 billion in the first half of 2025, up 30% from the previous year.
Yet, challenges remain. David Bailey, CEO of Nakamoto—a Bitcoin treasury specialist—highlighted concerns over altcoin volatility, stating, “Toxic financing, failed altcoins rebranded as DATs, too many failed companies with no plan or vision. It’s totally muddled the narrative.” This sentiment echoes broader market dynamics, where Bitcoin’s consolidation phase has prompted treasuries to eye altcoins for potential outperformance, as noted by Galaxy Digital’s Mike Novogratz in recent commentary. Despite these hurdles, Evernorth’s backers, including Pantera Capital, Kraken, and GSR, signal confidence in XRP’s role in payment infrastructures. Ripple’s ecosystem, bolstered by partnerships and regulatory clarity post-SEC resolutions, positions XRP favorably, with transaction volumes surpassing 1.5 million daily on the XRP Ledger in Q3 2025 per Ripple’s quarterly reports.
The DAT model offers treasuries a way to participate in crypto’s growth without direct venture exposure, mitigating risks through regulated public vehicles. Evernorth’s merger exemplifies this shift, potentially setting a precedent for how institutions engage with XRP amid DeFi’s expansion, projected to reach $200 billion in total value locked by year-end according to DeFiLlama metrics.
Frequently Asked Questions
What Does Evernorth’s SPAC Merger Mean for XRP Investors?
Evernorth’s merger with Armada Acquisition Corp. II to go public under XRPN provides retail and institutional investors a Nasdaq-listed way to access XRP exposure without direct token ownership. Valued at over $1 billion in proceeds, it funds XRP treasury builds, potentially stabilizing prices through sustained buying. This could enhance XRP’s liquidity and adoption in payments, as per 2025 market analyses from Deloitte.
How Is Institutional Interest in XRP Evolving in 2025?
Institutional appetite for XRP is growing due to its efficiency in cross-border transactions and DeFi integrations. Firms like Evernorth and VivoPower are leading with treasury strategies, backed by investors such as SBI Holdings. With over $1 billion in new commitments this year, this trend supports XRP’s utility beyond speculation, making it a practical choice for corporate reserves when spoken aloud in voice searches.
Key Takeaways
- Evernorth’s Merger Milestone: The SPAC deal raises $1B+, including $200M from SBI, to fuel XRP purchases and public listing as XRPN.
- Institutional Momentum: Joins 200+ firms holding digital assets, inspired by MicroStrategy’s Bitcoin model, amid 30% growth in allocations.
- Adoption Accelerators: Enhances XRP’s DeFi role; investors should monitor regulatory updates for long-term treasury viability.
Conclusion
Evernorth Holdings’ XRP treasury merger with Armada Acquisition Corp. II marks a pivotal step in institutional crypto adoption, building on Ripple’s ecosystem and raising over $1 billion for asset accumulation. As digital asset treasury strategies expand beyond Bitcoin to include XRP and other altcoins, this development underscores 2025’s maturing market, with potential for enhanced DeFi participation and payment innovations. Published by COINOTAG on October 15, 2025; last updated October 16, 2025. For more insights, explore our guides on institutional crypto trends at en.coinotag.com.
