Evernorth Holdings, a Nevada-based company founded by former Ripple executive Asheesh Birla, plans to go public through a merger with Armada Acquisition Corp II in a transaction expected to raise more than $1 billion.
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If approved, the combined company would keep the Evernorth name and trade on Nasdaq under the ticker XRPN as early as the first quarter of 2026. Evernorth said it will use the funds to purchase XRP on the open market and build what it calls the largest publicly traded XRP treasury.
$1 Billion SPAC Deal With Heavyweight Backers
Under the deal terms, Armada’s Class A shares would convert into Evernorth stock on a one-to-one basis. The funding plan includes a $200 million commitment from Japan’s SBI Holdings.
“Evernorth is a first-of-its-kind institutional vehicle built to accelerate XRP adoption,” commented Birla. “With over a decade of uptime and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption, and Evernorth is built to meet that moment.”
Other investors listed in the announcement includeRipple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. The company says net proceeds will go primarily toward acquiring XRP, with a portion set aside for operations and deal expenses.
Both companies approved the transaction, which now awaits shareholder votes, regulatory clearance and review of potential redemptions.
Asheesh and team are building something special with @evernorthxrp. We are proud to partner with him -- and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… https://t.co/qeAqXtmQcV
— Brad Garlinghouse (@bgarlinghouse) October 20, 2025
Evernorth positions itself as an alternative to passive crypto products. Instead of tracking XRP’s price, the firm says it will use lending strategies, market liquidity services, and decentralized finance yield programs to increase XRP holdings per share.
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The company also plans to run validators on the XRP Ledger and integrate Ripple’s RLUSD stablecoin as an entry point into XRP-based DeFi activity.
Leadership With Deep Ripple Ties
Birla will lead a team that includes CFO Matthew Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas and Chief Business Officer Sagar Shah. Ripple is listed as a strategic investor, while senior Ripple figures Brad Garlinghouse, Stuart Alderoty and David Schwartz will act as strategic advisers.
The company emphasized it will operate with independent governance, despite the heavyweight Ripple presence. Evernorth expects to file additional documents with U.S. regulators as the merger process moves forward.
If completed, XRPN would provide stock market investors a way to gain exposure to XRP’s price dynamics – plus any returns the firm generates through its active treasury management.
This article was written by Jared Kirui at www.financemagnates.com.
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