Ripple-Linked Agency Evernorth to Go Public in $1B SPAC Deal Aimed toward XRP Purchases

[ad_1] Evernorth Holdings, a Nevada-based firm based by former Ripple government Asheesh Birla, plans to go public via a merger with Armada Acquisition Corp II in a transaction anticipated to boost greater than $1 billion.

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If authorised, the mixed firm would preserve the Evernorth identify and commerce on Nasdaq underneath the ticker XRPN as early as the primary quarter of 2026. Evernorth mentioned it can use the funds to buy XRP on the open market and construct what it calls the most important publicly traded XRP treasury.

$1 Billion SPAC Deal With Heavyweight Backers

Beneath the deal phrases, Armada’s Class A shares would convert into Evernorth inventory on a one-to-one foundation. The funding plan features a $200 million dedication from Japan’s SBI Holdings.

“Evernorth is a first-of-its-kind institutional automobile constructed to speed up XRP adoption,” commented Birla. “With over a decade of uptime and a quickly rising DeFi ecosystem, XRP is well-positioned for adoption, and Evernorth is constructed to satisfy that second.”

Different buyers listed within the announcement embrace Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. The corporate says internet proceeds will go primarily towards buying XRP, with a portion put aside for operations and deal bills.

Each corporations authorised the transaction, which now awaits shareholder votes, regulatory clearance and overview of potential redemptions.

Asheesh and group are constructing one thing particular with @evernorthxrp. We're proud to accomplice with him -- and proud to hitch an unbelievable set of buyers together with SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to assist Evernorth because it participates in institutional… https://t.co/qeAqXtmQcV

— Brad Garlinghouse (@bgarlinghouse) October 20, 2025 Evernorth positions itself as a substitute for passive crypto merchandise. As a substitute of monitoring XRP’s value, the agency says it can use lending methods, market liquidity companies, and decentralized finance yield applications to extend XRP holdings per share.

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The corporate additionally plans to run validators on the XRP Ledger and combine Ripple’s RLUSD stablecoin as an entry level into XRP-based DeFi exercise.

Management With Deep Ripple Ties

Birla will lead a group that features CFO Matthew Frymier, COO Meg Nakamura, Chief Authorized Officer Jessica Jonas and Chief Enterprise Officer Sagar Shah. Ripple is listed as a strategic investor, whereas senior Ripple figures Brad Garlinghouse, Stuart Alderoty and David Schwartz will act as strategic advisers.

The corporate emphasised it can function with unbiased governance, regardless of the heavyweight Ripple presence. Evernorth expects to file further paperwork with U.S. regulators because the merger course of strikes ahead.

If accomplished, XRPN would present inventory market buyers a option to acquire publicity to XRP’s value dynamics – plus any returns the agency generates via its lively treasury administration.