Evernorth Holdings Inc., a new financial company focused on XRP, has announced plans to go public through a merger with Armada Acquisition Corp II (Nasdaq: AACI). Upon completion, the company will trade on the Nasdaq under the ticker symbol “XRPN.”
The deal is expected to raise total proceeds of more than $1 billion, including $200 million from SBI and additional investments from Ripple, Ripple Works, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. This funding will primarily be used to purchase XRP on the open market and build the world’s largest institutional XRP vault.
“Ripple has long supported the utility of XRP as a global asset for efficient payments around the world. Evernorth deeply aligns with that mission and is bringing more use cases, participation, and trust to the XRP ecosystem,” said Ripple CEO Brad Garlinghouse.
Evernorth aims to provide investors with simple and transparent access to XRP through a listing vehicle. Unlike traditional ETFs, it plans to expand its XRP holdings by participating in DeFi lending, liquidity provision, and yield generation activities.
The company is led by Asheesh Birla, a former Ripple executive who helped expand Ripple’s cross-border payments business. The leadership team also includes financial and crypto veterans such as Matthew Fremier, Meg Nakamura, and Jessica Jonas.
Ripple executives Brad Garlinghouse, Stuart Alderotti, and David Schwartz will serve as strategic advisors to ensure Evernorth maintains connections to the broader XRP ecosystem.
XRP Community – We promised to update you soon about our next adventure, right? Well, here we go. I will be a strategic advisor to @evernorthxrp, led by my friend @ashgoblue.
Evernorth was established as a regulated, scalable investment vehicle to take advantage of the following opportunities: https://t.co/nxHzATwcIK
— David ‘JoelKatz’ Schwartz (@JoelKatz) October 20, 2025
David Schwartz, who recently announced his plans to step down as Ripple’s CTO, said, “I will be a strategic advisor to Evernorth, led by my friend Asheesh Birla. Evernorth was founded to expand the role of XRP in DeFi and capital markets, and I’m excited to get started.”
The transaction is expected to close in the first quarter of 2026 and marks a major step towards institutional adoption of XRP, marking the beginning of a new chapter for one of crypto’s most established assets.
