Evernorth to Go Public in $1B SPAC Merger Targeting XRP Treasury Expansion

Evernorth Holdings, a Nevada-based firm founded by former Ripple executive Asheesh Birla, has announced plans to go public through a merger with Armada Acquisition Corp II, a special purpose acquisition company (SPAC), in a deal expected to raise more than $1 billion.

If approved, the combined entity will retain the Evernorth name and list on Nasdaq under the ticker XRPN as early as the first quarter of 2026. The transaction, already endorsed by both companies, remains subject to shareholder approval, regulatory review, and redemption considerations.

According to the company, proceeds from the merger will primarily be used to purchase XRP on the open market, with the goal of building what it describes as the largest publicly traded XRP treasury. Evernorth said a portion of the funds will also go toward operational costs and deal-related expenses.

The funding package includes a $200 million commitment from Japan's SBI Holdings, alongside participation from major crypto and fintech investors such as Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz are also listed as strategic advisers.

Birla described Evernorth as "a first-of-its-kind institutional vehicle built to accelerate XRP adoption," citing XRP's longevity and growth within decentralized finance ecosystems.

Evernorth said it will differentiate itself from passive crypto investment products by actively managing its XRP holdings through lending, market liquidity services, and DeFi yield programs, aiming to increase the amount of XRP per share. The firm also plans to run validators on the XRP Ledger and integrate Ripple's forthcoming RLUSD stablecoin into its DeFi activities.

​The company emphasized that, despite its deep Ripple connections, it will maintain independent governance structures. If the merger proceeds as planned, Evernorth's listing could provide traditional investors with a new avenue for exposure to XRP's performance and related yield strategies.