Key Takeaways
- Evernorth is a new digital asset treasury merging with Armada Acquisition Corp. II (SPAC) to go public on Nasdaq under the ticker XRPN in Q1 2026.
- The company plans to raise over $1 billion, with most funds dedicated to purchasing and managing XRP on its corporate balance sheet.
- Evernorth offers XRP exposure through publicly traded stock, aiming to simplify access for investors and corporations by eliminating the need for direct crypto wallet management and compliance.
- Unlike an ETF, Evernorth intends to actively manage its XRP holdings, potentially generating yield through institutional lending and DeFi.
- The structure, led by former Ripple executive Asheesh Birla, aims for independence while maintaining strategic ties with Ripple and other key investors.
Deal Basics: Who’s Involved and What’s Being Built?
Evernorth is a newly formed digital asset treasury with a straightforward objective: to gather a substantial pool of cash and predominantly use it to acquire and manage XRP.
Instead of requiring companies to hold the XRP token directly, Evernorth aims to provide a publicly traded stock offering XRP exposure through its corporate balance sheet. This approach simplifies entry for investors looking to gain exposure to the digital asset.
To expedite its public debut, Evernorth is merging with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC). A SPAC is a listed shell company that facilitates the process for private firms to become publicly traded. Pending shareholder and regulatory approval, the combined entity is targeting a Nasdaq listing in the first quarter of 2026, with the ticker symbol XRPN.
The funding target exceeds $1 billion. The majority of these funds will be allocated to open-market XRP purchases, with a smaller portion set aside for operational and deal-related expenditures. The cornerstone investor, SBI Holdings, has committed $200 million. Additional support is anticipated from entities such as Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. This capital infusion is intended to empower Evernorth in establishing one of the most significant XRP treasuries accessible in the public markets.
Evernorth’s leadership is spearheaded by Asheesh Birla, a veteran Ripple executive who is stepping down from Ripple’s board to assume the role of CEO. This transition signifies the company’s intended operational independence, even as Ripple continues to provide support.
Should the deal proceed to completion and funding align with projections, Evernorth aspires to become the largest publicly traded XRP holder. The company’s model offers treasurers and investors a clear method to achieve XRP exposure by purchasing stock, bypassing the complexities of managing digital wallets, custody, and regulatory compliance independently.
Structure vs. ETF: How the Wrapper Works
Evernorth is not introducing a spot ETF. Rather, it is establishing itself as a public company intending to hold a substantial XRP position on its corporate balance sheet.
Investors will acquire shares of Evernorth, and the company will then utilize the net proceeds to directly purchase and manage XRP.
The crucial distinction from an exchange-traded fund (ETF) lies in their operational models. An ETF passively tracks an asset, whereas Evernorth plans to actively increase its XRP per share holdings over time through conventional treasury management activities. The company also intends to leverage strategies such as institutional lending, liquidity provision, and select decentralized finance (DeFi) yield opportunities, all managed within clearly defined risk parameters.
This structure holds significance for corporations, as shares provide market-hour liquidity and adhere to public company disclosure standards, including audited transparency. Furthermore, it eliminates the necessity for companies to develop in-house custody and wallet operations.
Given that this is an equity investment, the returns may differ from direct XRP spot price movements due to strategic decisions, associated expenses, and the valuation dynamics of the equity market. The company frames this variability as a potential avenue for enhanced value.
💡 Did you know? Ripple agreed to acquire prime broker Hidden Road in 2025, utilizing RLUSD as collateral in its brokerage products. This move is part of a larger strategy to build out institutional market infrastructure.
Why Choose Shares Over Holding XRP Directly
For finance teams, the primary appeal lies in the simplicity and security Evernorth’s model offers.
Directly holding a cryptocurrency token necessitates the setup of digital wallets, the selection of a reputable custodian, the drafting of trading and compliance policies, and staff training. With Evernorth, treasurers can instead opt to purchase listed shares designed to provide XRP exposure while ensuring public company reporting, audits, and board oversight.
Evernorth also emphasizes that it will not function as a passive asset holder. The company intends to publicly disclose its XRP holdings and actively work towards increasing the XRP per share metric over time. Primarily, this will be achieved through open-market purchases and, where appropriate, by employing institutional lending, liquidity provisioning, and selected DeFi tools to generate additional yield.
In essence, Evernorth provides XRP exposure via an equity wrapper that trades during standard market hours and integrates seamlessly with existing corporate controls.
This is particularly relevant for companies seeking exposure to the Ripple/XRP ecosystem without the burden of establishing their own crypto infrastructure internally.
💡 Did you know? Corporate crypto treasuries are not new; however, they are predominantly concentrated in Bitcoin (BTC). Approximately 130-160 public companies collectively hold tens of billions of dollars in BTC, with Strategy being a leading example.
The Mechanics: Policy, Yield, Custody, and Disclosure
Here’s how Evernorth outlines the operational mechanics, assuming the SPAC deal successfully closes:
How Buying Works
The majority of the capital raised is designated for acquiring XRP on the open market. Post-merger with the SPAC, the combined company anticipates its listing on Nasdaq under the ticker XRPN. This listing subjects its balance sheet and treasury policies to the standard reporting cycles mandated by the U.S. Securities and Exchange Commission (SEC).
How It Aims to Add Yield
Differentiating itself from a spot ETF, Evernorth proposes an active management strategy. The company has also indicated plans to participate as a validator and to utilize Ripple’s RLUSD stablecoin as a practical on-ramp for XRP-denominated transactions. It’s important to note that all these activities remain contingent upon prevailing market conditions and the successful finalization of the deal.
Who’s in Charge and How It Stays Independent
Asheesh Birla will transition from his role on Ripple’s board to become the CEO of Evernorth. Ripple will maintain its status as a strategic investor, and executives such as Brad Garlinghouse, Stuart Alderoty, and David Schwartz are expected to serve in advisory capacities. This governance structure is designed to foster alignment within the ecosystem while ensuring the day-to-day operations of Evernorth remain independent.
The Big Question: Can Over $1 Billion in Purchases Move XRP?
In sheer volume, deploying over $1 billion across several months is significant but unlikely to dramatically alter XRP’s market dynamics on its own.
Ripple’s Q1 2025 update indicates an average daily spot trading volume for XRP of approximately $3.2 billion across major exchanges. This suggests that Evernorth would likely pace its purchases strategically to minimize market impact and slippage. Nevertheless, a consistent, substantial buyer can contribute to tightening bid-ask spreads and adding depth to the market by signaling predictable demand to market makers.
XRP’s liquidity has seen notable improvement in recent years. In 2025, Kaiko recorded a post-settlement high for XRP on U.S. exchanges, with roughly $116 million in buy and sell orders within 1% of the market price. Enhanced liquidity generally reduces execution costs and aids the market in absorbing larger trades. While it does not eliminate price risk—as significant clustered orders can still influence the market—it makes phased accumulation considerably more manageable.
Secondary effects are also anticipated. If Evernorth successfully lists, its stock could emerge as an XRP proxy for investors unable to purchase the token directly. Should the market assign a premium valuation to the stock, perhaps tied to an increase in XRP per share, Evernorth might be positioned to raise additional capital for further XRP acquisition, potentially creating a reinforcing positive loop. Conversely, in risk-averse market conditions, this dynamic could reverse.
Furthermore, if institutional demand for XRP continues to grow through ETF and exchange-traded product (ETP) flows or increased index allocations, the broader market structure supporting XRP could become more robust. Kaiko’s research highlights that indices beyond Bitcoin and Ether (ETH) have performed strongly in markets where assets like XRP are included, potentially amplifying the influence of a methodical, large-scale buyer like Evernorth.
💡 Did you know? XRP’s total supply was fixed at 100 billion XRP upon the launch of the XRP Ledger in 2012, and the network does not rely on mining for its operation.
What to Watch Between Now and Closing
From regulatory filings and funding compositions to execution strategies, the upcoming phase will provide insights into Evernorth’s readiness to scale its XRP strategy within the public markets. Here are key aspects to monitor as the process unfolds:
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Regulatory Steps: SPAC mergers adhere to a defined regulatory pathway. Expect the filing of SEC Form S-4, including the merger proxy and prospectus, followed by a shareholder vote for Armada II and standard closing conditions. The companies aim for a Q1 2026 closing, after which the combined entity plans to list on Nasdaq under the ticker XRPN.
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Funding Mechanics: Two primary factors will influence the actual cash balance. These include private investment in public equity (PIPE) allocations associated with the merger and SPAC shareholder redemptions. The headline target is over $1 billion in gross proceeds, including $200 million from SBI, with anticipated participation from Ripple, Pantera, Kraken, and GSR. The final capital mix at closing will directly impact Evernorth’s initial capacity for XRP purchases.
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Playbook Disclosure: Look for a formal treasury policy that will detail the planned frequency of XRP purchases, any trading blackout periods, and the company’s hedging strategies. Expect specifics on designated custody providers and key performance indicators, such as XRP per share. The company has also indicated potential validator participation and the use of Ripple’s RLUSD stablecoin as an on-ramp for XRP-based DeFi activities. Regulatory filings should clarify the definitive plans.
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People and Governance: Asheesh Birla will step down from Ripple’s board to assume the CEO role at Evernorth. Ripple executives are expected to serve as advisors, maintaining ecosystem alignment while upholding operational independence. The Form S-4 filing should provide details on the final board composition and committee structure, including audit and risk committees.
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Execution Signals: Following the listing, early indicators to monitor will include details of the PIPE closing, initial disclosed XRP purchases, and the cadence of quarterly financial reports.
Collectively, these indicators will reveal whether Evernorth is successfully establishing itself as the large-scale public XRP treasury it has envisioned.
Final Thoughts
Evernorth’s proposed merger with Armada Acquisition Corp. II represents a novel approach to public XRP investment, aiming to provide institutional-grade access through a listed equity vehicle.
The success of this venture will hinge on regulatory approvals, effective capital raise, and transparent execution of its active treasury management strategy.
Investors will be closely watching Evernorth’s ability to navigate the public markets while delivering on its promise of simplified XRP exposure and potential yield generation.