Ripple CEO Brad Garlinghouse confirmed his support for Evernorth, a new XRP-focused vehicle that plans to raise more than $1 billion through a merger with Armada Acquisition Corp. II and list on the Nasdaq. According to the announcement, the transaction is expected to close in the first quarter of 2026, and the combined company will trade under the ticker XRPN.
Evernorth will use the net proceeds primarily to acquire XRP on the open market, creating the largest institutional treasury dedicated to this particular cryptocurrency. Additional funds will be used for corporate purposes and transaction costs.
Asheesh and team are building something special with @evernorthxrp. We are proud to partner with him. We are also proud to join our incredible group of investors, including SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks, to support Evernorth for institutional investors. https://t.co/qeAqXtmQcV
— Brad Garlinghouse (@bgarlinghouse) October 20, 2025
This $1 billion effort is not tied to Ripple alone, as Japan’s SBI Group is leading with a $200 million commitment, and other investors include Pantera Capital, Kraken, GSR, and Ripple Works. Ripple co-founder Chris Larsen is also participating.
Ripple itself is a strategic investor, with Garlinghouse, chief legal officer Stuart Alderroti, and chief technology officer David Schwartz acting as advisors.
What are the benefits for XRP?
Incidentally, Evernorth CEO Asheesh Birla, a former Ripple executive, wants the company to be seen as an active treasury as it seeks to grow XRP stock through institutional lending, liquidity, and DeFi strategies. He said the model is designed to benefit shareholders while contributing to the adoption of XRP.
Ripple will continue to run the show, but plans to get more involved in the XRP ecosystem to make its business more streamlined.
Both companies have received approval from their boards of directors. If this happens, it will become the first publicly traded company dedicated to large-scale XRP accumulation and deployment.
