Evernorth and Armada Acquisition Corp will team up to launch a treasury for XRP, Ripple's cryptocurrency.
American company Evernorth Holdings Inc. announced this Monday, October 20, its public launch and a business combination agreement with special purpose acquisition company (SPAC) Armada Acquisition Corp II. The transaction aims to create the largest publicly traded treasury company for the digital asset XRP.
Following the closing of the transaction, the combined company will operate under the name Evernorth and will be listed on the Nasdaq under the ticker "XRPN."
The transaction is expected to raise over $1 billion in gross proceeds. According to the statement, the round includes $200 million from SBI, along with additional investments from Ripple, Pantera Capital, Kraken, and GSR.
The net proceeds will be primarily used for open market purchases of XRP to build the company's institutional treasury.
The Armada Acquisition (AACI) stock price, which has historically shown high volatility, has no significant price movements attributable to this announcement:
An active XRP treasury vehicle
Evernorth will operate as a treasury vehicle to provide investors with exposure to the digital asset XRP. Unlike a passive exchange-traded fund (ETF), the firm will actively seek to increase its XRP holdings per share by participating in institutional lending, providing liquidity, and yield-earning opportunities in decentralized finance (DeFi).
The new company will be led by CEO Asheesh Birla, a former senior executive at Ripple. While Evernorth will maintain independent governance, Ripple (the company) will participate as a strategic investor.
Ripple executives, including CEO Brad Garlinghouse, will act as strategic advisors to "ensure operational independence," according to Evernorth's statement.
The merger is expected to close in the first quarter of 2026, subject to customary closing conditions and shareholder approval.
At least seven companies have already begun accumulating XRP or have expressed their intention to do so in the near future.
