Evernorth Holdings has made a move that could reshape XRP’s role in public markets.
The company announced plans to go public through a business combination with Armada Acquisition Corp II. The deal could raise more than $1 billion in gross proceeds and position Evernorth as the largest public XRP treasury firm. If approved, it will trade on Nasdaq under the ticker XRPN.
The deal pools funding from major crypto and fintech players, including Ripple, SBI Holdings, Kraken, GSR, and Pantera Capital. Ripple co-founder Chris Larsen also joined as an investor, highlighting institutional confidence in the XRP-focused model.
According to Evernorth’s announcement, the funds will primarily go toward open-market XRP purchases. The goal is to build what the company describes as the world’s leading institutional XRP treasury.
A portion of the raised capital will also support corporate operations, transaction expenses, and ecosystem development efforts. Ripple executives, including Brad Garlinghouse and David Schwartz, are expected to act as strategic advisors.
Evernorth CEO Asheesh Birla, a former Ripple executive, said the company’s approach targets both yield generation and ecosystem expansion. He explained that Evernorth aims to blend traditional finance yield models with decentralized finance (DeFi) strategies to grow its XRP holdings over time.
Big news: we’re going public.
We’ve entered into a business combination agreement with Armada Acquisition Corp II — a transaction expected to raise over $1B, creating the largest public XRP treasury company on the Nasdaq under “$XRPN.”
Learn more: https://t.co/MxamYqnatw pic.twitter.com/ZccPKerPOM
— evernorthxrp (@evernorthxrp) October 20, 2025
Evernorth’s design gives investors exposure to XRP through a publicly listed structure rather than an ETF.
The firm intends to increase XRP per share by participating in liquidity provision, lending, and DeFi yield farming. XRP’s established legal framework and long-standing liquidity make it appealing to institutional investors, the company said.
The initiative also involves validator participation to enhance the XRP Ledger’s resilience and decentralization. Evernorth plans to integrate Ripple’s RLUSD stablecoin to open access to DeFi protocols that use XRP as collateral.
Evernorth’s leadership team brings deep experience in capital markets and finance. The firm stated that its governance remains independent despite Ripple’s involvement as a strategic investor.
According to the release, the merger has been unanimously approved by both companies’ boards. The transaction is expected to close in the first quarter of 2026, pending shareholder approval and regulatory clearance.
Once listed, XRPN could become a key gateway for institutional access to XRP in the U.S. market.
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