Ripple-Backed Evernorth Eyes $1B Nasdaq Merger for Largest Public XRP Treasury

• Evernorth’s merger aims to raise over $1 billion for building a substantial XRP treasury, positioning it as a key player in regulated crypto investments.

• The company, led by ex-Ripple executive Asheesh Birla, will acquire XRP from open markets and integrate traditional and DeFi management strategies.

• Backed by $200 million from SBI Holdings plus investments from Ripple, Pantera Capital, Kraken, and Chris Larsen, the deal highlights strong institutional support amid regulatory improvements.

Discover how Ripple-backed Evernorth’s $1B Nasdaq listing will create the largest XRP treasury, boosting institutional crypto access. Explore funding, strategy, and market impact today.

What is Evernorth’s XRP Treasury Initiative?

Evernorth’s XRP Treasury is a strategic plan by the Nevada-based digital asset firm to establish the largest publicly traded reserve of XRP tokens following a merger with Nasdaq-listed Armada Acquisition Corp II. This move, announced recently, seeks to raise over $1 billion to acquire XRP directly from open markets, combining traditional asset management with decentralized finance tools to generate long-term value and improve liquidity. Led by former Ripple executive Asheesh Birla, the initiative reflects growing institutional interest in compliant digital asset exposure post-regulatory clarity.

How Will the Ripple-Backed Evernorth Nasdaq Listing Unfold?

The merger between Evernorth Holdings and Armada Acquisition Corp II is set to value the combined entity at over $1 billion upon completion, expected in early 2026 pending shareholder and regulatory approvals. Evernorth, supported by Ripple, will trade under the ticker “XRPN” on Nasdaq, providing regulated access to XRP for institutional investors. According to reports from Reuters, the deal includes significant equity investments, with SBI Holdings committing $200 million, alongside contributions from Pantera Capital, Kraken Ventures, GSR Markets, and Ripple co-founder Chris Larsen. This funding will fuel the acquisition of XRP and potential company expansions, such as building an investment team and pursuing strategic acquisitions. Birla, stepping down from Ripple’s board to lead Evernorth, emphasized the firm’s focus on blending conventional financial practices with blockchain innovations to strengthen the XRP ecosystem. Industry data from Chainalysis indicates that institutional crypto adoption has surged 45% year-over-year, underscoring the timeliness of this initiative amid renewed market momentum. Experts like those from Deloitte highlight that such treasuries could mirror MicroStrategy’s Bitcoin model, potentially stabilizing XRP’s market position by integrating it into public equity structures. The approach prioritizes compliance, drawing from Ripple’s recent resolution of its U.S. legal challenges, which has cleared paths for broader XRP utility in cross-border payments and remittances.

Frequently Asked Questions

What Funding Sources Are Supporting Evernorth’s XRP Treasury?

Evernorth’s XRP Treasury is backed by a robust consortium of investors, including Ripple Labs, SBI Holdings with its $200 million equity stake, Pantera Capital, Kraken Ventures, GSR Markets, and Ripple co-founder Chris Larsen. These funds, totaling over $1 billion from the merger, will directly support XRP acquisitions and liquidity enhancements, as confirmed by official announcements from the involved parties.

Why Is Institutional Interest in XRP Growing Now?

Institutional interest in XRP is accelerating due to improved regulatory clarity following Ripple’s legal victories against U.S. authorities, which affirmed XRP’s non-security status in certain contexts. This has opened doors for compliant investment vehicles like Evernorth’s treasury, allowing firms to gain exposure without direct custody risks, making it easier for traditional finance players to participate in blockchain-based assets seamlessly.

Key Takeaways

• Evernorth’s Merger Milestone: The $1 billion Nasdaq listing via Armada Acquisition Corp II will establish a pioneering public XRP treasury, setting a benchmark for institutional crypto integration.
• Strategic Backing: Investments from Ripple, SBI Holdings ($200M), Pantera, Kraken, and Chris Larsen demonstrate deep confidence in XRP’s potential for liquidity and value generation.
• Market Implications: This initiative could enhance XRP’s ecosystem by improving public market access, encouraging further corporate adoption of digital asset treasuries.

Conclusion

Evernorth’s XRP Treasury and its Ripple-backed Nasdaq listing represent a pivotal step in bridging traditional finance with blockchain innovation, creating the largest regulated XRP reserve to date. By leveraging institutional funding and compliant frameworks, this development not only boosts XRP liquidity but also signals a maturing crypto market ready for broader participation. As Evernorth advances toward its early 2026 closure, investors should monitor how this influences digital asset strategies—stay informed on evolving opportunities in the space.

Published by COINOTAG on January 15, 2025. Last updated: January 15, 2025. COINOTAG provides fact-based insights into cryptocurrency developments, drawing from authoritative sources like Reuters and official company statements without speculation.

Evernorth Holdings, a Nevada-based digital asset firm backed by Ripple, has announced plans to go public through a merger with Nasdaq-listed Armada Acquisition Corp II. The deal aims to raise over $1 billion and establish the largest publicly traded XRP treasury. Once completed, the company intends to trade under the ticker symbol “XRPN.” This move comes amid growing institutional demand for regulated exposure to digital assets and renewed interest in crypto-linked investment vehicles.

Evernorth’s Vision and Strategic Direction

Led by former Ripple executive Asheesh Birla, Evernorth plans to purchase XRP directly from the open market and manage the asset using both traditional and decentralized finance tools. The company’s primary objective is to build a sizable XRP reserve that can generate long-term value while enhancing liquidity within the network. Birla, who will step down from Ripple’s board, noted that Evernorth will also explore acquisitions and expand its investment team.

The firm’s approach combines conventional asset management practices with blockchain-based strategies to strengthen the XRP ecosystem. Notably, the initiative follows Ripple’s own plans to develop a digital asset treasury, reflecting a broader institutional pivot toward crypto-based financial infrastructure. This alignment underscores Ripple’s ongoing commitment to fostering XRP’s utility in global payments, where transaction speeds and costs remain competitive advantages, as per data from Ripple’s transparency reports showing over 2.8 billion processed transactions since inception.

Furthermore, Evernorth’s strategy emphasizes risk management through diversified holdings and adherence to evolving U.S. securities regulations. By positioning itself as a public entity, the firm aims to attract pension funds, endowments, and other large investors seeking indirect crypto exposure without operational complexities. Analysts from firms like PwC have noted that such models could increase overall market capitalization for assets like XRP by providing stable demand channels.

Funding Support and Institutional Partnerships

Evernorth’s funding round has drawn major backers, including Ripple, SBI Holdings, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. SBI Holdings alone is contributing $200 million in equity, indicating strong institutional confidence in the project. The expected proceeds will be used to expand XRP holdings and reinforce liquidity in public markets. The deal comes months after U.S. regulators concluded a high-profile legal battle involving Ripple’s XRP sales.

With regulatory clarity improving, industry participants view this development as an opportunity to reintroduce XRP into capital markets through transparent, compliant frameworks. The move aligns with a broader wave of corporate interest in tokenized assets. For instance, SBI Holdings’ involvement builds on its long-standing partnership with Ripple in Asia-Pacific remittances, where XRP has facilitated low-cost transfers exceeding $10 billion annually, according to SBI’s financial disclosures.

Pantera Capital and Kraken’s participation further validates the project’s viability, as both entities have deep expertise in crypto venture funding—Pantera managing over $5 billion in assets—and exchange operations. Chris Larsen’s personal investment adds credibility, given his role in Ripple’s founding and advocacy for blockchain in sustainable finance. This coalition not only provides capital but also strategic guidance, ensuring Evernorth navigates market volatilities effectively.

Growing Market Momentum for Crypto Treasuries

Evernorth joins a growing list of firms building crypto treasuries to integrate digital assets into their balance sheets. Similar models emerged after MicroStrategy’s Bitcoin strategy gained strength, inspiring firms to adopt alternative assets like Ethereum, Solana, and Ethena. However, analysts remain watchful of potential market volatility as digital assets intertwine with equity structures. The Evernorth deal, expected to close in early 2026 pending shareholder and regulatory approval, marks another milestone in linking blockchain assets with public markets, further expanding institutional access to XRP exposure.

The trend of corporate treasuries holding digital assets has accelerated, with reports from Fidelity Investments showing that 52% of institutional investors now allocate to crypto in some form. XRP’s focus on enterprise solutions positions it uniquely, particularly for payment processors and banks seeking efficient settlement layers. Evernorth’s public listing could catalyze similar SPAC mergers, democratizing access and potentially driving XRP’s adoption in real-world applications like supply chain finance.

Regulatory bodies, including the SEC, have signaled openness to such structures post-Ripple’s case, with guidelines emphasizing disclosure and investor protection. This environment bodes well for Evernorth, potentially setting precedents for future crypto-linked IPOs. Overall, the initiative exemplifies how digital assets are transitioning from speculative tools to core components of diversified portfolios.