While Ethereum (ETH) and many altcoins continue to be adopted by major corporations as part of their financial strategies, the latest news has come to XRP.
At this point, Evernorth, a new crypto startup backed by Ripple, announced plans to raise more than $1 billion to create the largest publicly traded XRP vault.
Therefore, Evernorth plans to list on Nasdaq with the aim of creating the largest publicly traded XRP Treasury.
“A first-of-its-kind financial vehicle, Evernorth is designed to provide investors with a simple, liquid, and transparent XRP portfolio through a publicly traded vehicle.”
In response, Evernorth today announced the signing of a collaboration agreement with Armada Acquisition Corp. II (Nasdaq: AACI), a publicly traded special purpose acquisition company.
The combined company will operate under the name Evernorth and will trade on Nasdaq under the ticker symbol “XRPN.”
Evernorth said the transaction is expected to close in the first quarter of 2026 and will create the largest XRP treasury company listed on XRP.
The transaction is expected to close in early 2026 with major investors including SBI, Pantera Capital and Kraken, and gross proceeds are expected to exceed $1 billion.
“Evernorth is designed to provide investors with more than just exposure to the XRP price,” said Evernorth CEO Asheesh Birla. “We will leverage existing TradFi yield generation strategies and transition into DeFi yield opportunities while also contributing to the growth and maturation of this ecosystem. This approach is designed to drive the utility and adoption of XRP while generating returns for shareholders. It is a symbiotic model. Our strategy is designed to align with the growth of the XRP ecosystem.”
Ripple CEO Brad Garlinghouse also announced the development on his X account. “Asheesh and his team are building something special at EvernorthXRP, and we are proud to partner with them and join an incredible group of investors including SBI Holdings, Pantera Capital, Kraken, GSR, and RippleWorks to support institutional financing, liquidity provision, and participation in DeFi yield opportunities for XRP,” Garlinghouse said.
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 is not investment advice.
