Evernorth to go public via $1B SPAC deal to boost XRP use

Evernorth Holdings Inc., a newly formed Nevada-based company aiming to accelerate institutional adoption of XRP, has officially launched alongside a merger agreement with Armada Acquisition Corp II (Nasdaq: AACI), a publicly traded special purpose acquisition company (SPAC). 

Upon completion of the transaction, the combined entity will operate under the Evernorth name and is expected to list on Nasdaq under the ticker symbol “XRPN”, subject to standard listing approvals.

The deal is projected to generate over $1 billion in gross proceeds, including $200 million from SBI Holdings and additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen, among others. 

Proceeds will primarily fund open-market purchases of XRP to establish the world’s leading institutional XRP treasury, with remaining funds allocated for working capital and general expenses. Evernorth aims to provide institutional investors with liquid and transparent exposure to XRP through a publicly traded vehicle. 

Unlike passive exchange-traded funds (ETFs), Evernorth intends to actively grow XRP holdings per share via institutional lending, liquidity provisioning, and DeFi yield strategies.

“Evernorth is built to provide investors more than just exposure to XRP’s price,” said Asheesh Birla, Evernorth’s Chief Executive Officer and former senior executive at Ripple. “Our strategy is designed to generate shareholder returns while supporting XRP’s utility and adoption.”

The company’s leadership team includes Matthew Frymier (CFO), Meg Nakamura (COO), Jessica Jonas (CLO), and Sagar Shah (CBO), bringing experience across capital markets and digital finance.

Ripple will remain a strategic investor, while maintaining Evernorth’s independent governance structure. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisors to support ecosystem alignment.

“Evernorth is deeply aligned with our mission to expand XRP’s global utility,” Garlinghouse said. “With Asheesh and his team, I’m confident XRP’s role in capital markets will reach new heights.”

The transaction is expected to close later this year, pending regulatory and shareholder approvals.