Evernorth Holdings Inc., a recently formed digital asset firm headquartered in Nevada, is set to become a public company through a merger with Armada Acquisition Corp II, a SPAC listed on Nasdaq. The deal, unanimously cleared by both companies’ boards, is expected to generate over $1 billion in gross proceeds. Closing is targeted for the first quarter of 2026, after which the merged entity will retain the Evernorth name and list under the ticker XRPN.
The funding round is anchored by SBI Holdings with a $200 million commitment. Other backers include Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. A majority of the capital will be directed toward acquiring XRP on the open market to establish a large-scale institutional treasury. The remainder will support business operations and growth.
Unlike traditional passive crypto funds, Evernorth aims to actively increase the amount of XRP backing each share. Its strategy includes lending, liquidity provisioning, and DeFi yield generation. This active approach is designed to give institutional investors both transparent exposure to XRP and a way to participate in its ecosystem.
Leadership is headed by Asheesh Birla, who previously held senior roles at Ripple. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will act as strategic advisors. Birla is departing Ripple’s board to concentrate fully on building Evernorth.
Evernorth also plans to operate XRP validators, incorporate RLUSD for DeFi integration, and provide liquidity across tokenized asset and payments markets — positioning itself as a major player in institutional XRP infrastructure.
