Evernorth Holdings Inc., a new Nevada-based firm backed by Ripple, announced plans to go public through a merger with Armada Acquisition Corp II (Nasdaq: AACI). The deal, expected to close in the first quarter of 2026, aims to raise more than $1 billion. Once completed, the combined company will trade on Nasdaq under the ticker “XRPN.”
According to the press release, this move will create the world’s largest institutional XRP treasury. Evernorth said it will use the funds to buy XRP from the open market and support the growth of the XRP ecosystem. Investors include Ripple, SBI, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
“Evernorth is built to provide investors more than just exposure to XRP’s price,” said Asheesh Birla, CEO of Evernorth. He added that the company will use both traditional finance and DeFi opportunities to create returns and strengthen XRP’s use.
Evernorth calls itself a first-of-its-kind treasury vehicle. It will let investors gain easy and transparent exposure to XRP through a public listing. The company plans to grow its XRP holdings over time by using them in lending and liquidity programs.
Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will act as strategic advisors. Garlinghouse said Evernorth aligns with Ripple’s goal of using XRP for global payments and will bring more confidence to the network.
Notably, the leadership team includes Birla as CEO, Matthew Frymier as CFO, Meg Nakamura as COO, Jessica Jonas as CLO, and Sagar Shah as CBO. They bring long experience from both finance and digital assets. The board approved the merger unanimously, and Citigroup Global Markets is advising Evernorth. Legal counsel includes Davis Polk for Evernorth and Ripple, and Skadden for Citigroup.
That said, Evernorth also plans to help the XRP network by running validators and using Ripple’s RLUSD stablecoin in DeFi. The company wants to make XRP more useful for payments, trading, and digital assets, mixing traditional finance with blockchain to make XRP easier for everyone to use
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