Evernorth, a newly launched digital asset company backed by Ripple investors, is betting big on XRP (XRP-USD). Its goal is straightforward: raise over $1 billion, buy XRP on the open market, and package the holdings into a publicly traded stock that gives corporations and investors direct exposure to the token.
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The company plans to go public through a merger with Armada Acquisition Corp II, a special-purpose acquisition company (SPAC) designed to help private firms list quickly. If approved by regulators and shareholders, the combined entity will trade on Nasdaq under the ticker XRPN in the first quarter of 2026.
Evernorth Builds a Public XRP Treasury
Under the plan, Evernorth will raise more than $1 billion, with most of the proceeds used for open-market XRP purchases and a smaller portion reserved for operations. SBI Holdings has committed $200 million as an anchor investor, joined by Ripple, Rippleworks, Pantera Capital, Kraken, GSR and others.
At the helm is Asheesh Birla, a former Ripple executive who has stepped down from Ripple’s board to become Evernorth’s CEO. The move is designed to give the company independence while keeping alignment with Ripple’s ecosystem. If the merger closes as expected, Evernorth would become the largest publicly traded holder of XRP, offering investors an equity-based route to the asset without handling wallets or compliance themselves.
Evernorth Creates an Alternative to an XRP ETF
Evernorth isn’t launching an ETF. Instead, it plans to operate as a public company that buys and manages XRP directly on its balance sheet. Investors can buy Evernorth shares, and the company will use that money to purchase XRP and manage it over time.
The goal is to increase “XRP per share” through basic treasury strategies like lending, providing liquidity, and earning limited DeFi yield within clear risk controls. Because the stock trades like any other equity, investors get transparency, regular reporting, and no need to deal with crypto wallets or custody.
For finance teams, it’s a straightforward way to get XRP exposure through a regulated company rather than holding the token themselves.
Evernorth Details How the Treasury Will Operate
If the SPAC deal closes, Evernorth will begin buying XRP in stages to minimize price impact. Its balance sheet will be subject to SEC reporting standards and quarterly disclosure cycles.
The company also plans to participate as an XRP validator and use Ripple’s RLUSD stablecoin as an on-ramp for XRP-denominated activity. Management says these steps could help integrate Evernorth’s operations with Ripple’s network while maintaining independent governance.
Can $1 Billion Can Move the XRP Market?
A billion dollars is significant but not overwhelming for XRP’s global trading volume. Ripple’s most recent data shows about $3.2 billion in average daily volume across exchanges. Evernorth is expected to spread purchases over several months to reduce volatility.
Still, a steady institutional buyer can tighten spreads and strengthen market depth. If XRPN stock trades at a premium, Evernorth could raise more capital and buy additional XRP, reinforcing the feedback loop between public equity demand and on-chain liquidity.
Evernorth Prepares for Nasdaq Listing
Evernorth’s next step is regulatory approval. The company will file an SEC Form S-4 detailing the merger and governance plans, followed by a shareholder vote at Armada II. If cleared, it expects to list on Nasdaq under “XRPN” in early 2026.
The final funding mix will decide how much cash goes toward XRP purchases. SBI has committed $200 million, with Ripple, Pantera, Kraken, and GSR expected to join. Once trading starts, investors will be watching Evernorth’s first XRP purchases and quarterly updates to see if it can turn its billion-dollar vision into reality.
At the time of writing, XRP is sitting at $2.55.
