The American company Evernorth Holdings Inc. announced this Monday, October 20, its public launch and a business combination agreement with the special purpose acquisition firm (SPAC) Armada Acquisition Corp II. The operation aims create the largest publicly traded XRP digital asset treasury company.
Following the closing of the transaction, the combined company will operate under the name Evernorth and will be listed on the Nasdaq under the ticker “XRPN.”
The transaction expects to raise more than USD 1 billion in gross revenue. According to the statement, the round includes $200 million from SBI, along with additional investments from Ripple, Pantera Capital, Kraken and GSR.
The net funds will be used primarily for purchases of XRP on the open market to build the company’s institutional treasury.
The Armada Acquisition (AACI) share price, which historically showed high volatility, has no special price movements attributable to this announcement:
An active XRP treasury vehicle
Evernorth will function as a treasury vehicle to offer investors exposure to the digital asset XRP. Unlike a passive exchange-traded fund (ETF), the firm will actively seek to increase its XRP holdings per share by participating in institutional lending, liquidity provision, and yield opportunities in decentralized finance (DeFi).
The new company will be led by CEO Asheesh Birla, who was a former senior executive at Ripple. Although Evernorth will maintain independent governance, Ripple (the company) will participate as a strategic investor.
Ripple executives, including CEO Brad Garlinghouse, to act as strategic advisors to “ensure operational independence”, according to the release from Evernorth.
The merger is expected to be completed in the first quarter of 2026, subject to customary closing conditions and shareholder approval.
As CriptoNoticias has reported, there are at least 7 companies who have already started accumulating XRP or have expressed their intentions to do so in the near future.