Evernorth Holdings Inc., a new digital asset venture backed by Ripple Labs, has announced plans to go public through a merger with Armada Acquisition Corp II, a special purpose acquisition company (SPAC). The transaction, expected to close in the first quarter of 2026, aims to raise over $1 billion and establish Evernorth as the largest publicly traded XRP treasury company.
Reuters
Strategic Focus on XRP Accumulation
The primary objective of Evernorth is to build a substantial institutional treasury of XRP, the fifth-largest cryptocurrency by market capitalization. The company plans to utilize the majority of the net proceeds from the SPAC merger to acquire XRP on the open market. Additionally, Evernorth intends to engage in lending, liquidity provisioning, and decentralized finance (DeFi) yield strategies to generate returns for shareholders while supporting XRP’s utility and adoption.
CoinDesk
Leadership and Investor Support
Asheesh Birla, a former senior executive at Ripple, will lead Evernorth as CEO. Ripple co-founder Chris Larsen is also backing the initiative, contributing 50 million XRP, valued at approximately $122.5 million. Other investors include SBI Holdings, which is investing $200 million, as well as Pantera Capital, Kraken, and GSR.
Crypto Basic
Market Implications
The establishment of Evernorth marks a significant development in the institutional adoption of XRP. By creating a publicly traded entity focused on XRP accumulation and yield generation, Evernorth aims to provide investors with a transparent and liquid means of gaining exposure to XRP. This move could potentially influence the broader cryptocurrency market by demonstrating a viable model for institutional involvement in digital assets.
Conclusion
Evernorth’s planned SPAC merger and subsequent public listing represent a strategic effort to institutionalize XRP holdings and contribute to the maturation of the cryptocurrency ecosystem. With strong backing from Ripple and other prominent investors, Evernorth is poised to play a pivotal role in the future of digital asset investment.
