Ripple-Linked Evernorth to Go Public in $1B SPAC, Building Massive XRP Treasury

• Evernorth Holdings, a digital asset company tied to Ripple, plans to go public through a $1B merger with Armada Acquisition Corp. II.
• The move aims to tap into growing institutional demand for digital asset treasury firms.
• Evernorth plans to build one of the world’s largest XRP treasuries through open-market purchases.
• Backing for the SPAC includes SBI Holdings, Ripple, Pantera Capital, Kraken, and GSR.
• The transaction will result in Evernorth’s listing on the Nasdaq under the ticker XRPN.

Evernorth Holdings, a digital asset company with strong ties to Ripple Labs, has announced plans to go public through a merger with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company (SPAC). The deal is expected to generate over $1 billion in gross proceeds, with backing from a range of institutional investors, including SBI Holdings, a key Japanese investor, and Ripple. Other notable supporters include Pantera Capital, Kraken, and GSR.

The primary goal of the SPAC merger is to build one of the world’s largest XRP treasuries. Evernorth plans to achieve this by conducting open-market purchases of the digital asset, positioning itself as a central player in the growing institutional adoption of cryptocurrencies. Upon completion of the merger, the combined company will begin trading on the Nasdaq under the ticker symbol XRPN.

Evernorth CEO Asheesh Birla explained that the company’s mission is to “accelerate XRP adoption” in response to the increasing interest in decentralized finance (DeFi). He highlighted the opportunity for investors to gain public-market exposure to XRP and digital asset strategies that align with decentralized finance principles.

The merger also signals the latest step in Ripple’s broader strategy to establish its digital-asset treasury. Reports indicate that Ripple itself plans to raise around $1 billion through the sale of XRP to bolster its own reserves, with the goal of combining newly acquired tokens with part of its existing holdings. In a separate move, Ripple agreed to acquire GTreasury, a corporate treasury management platform, in a deal valued at approximately $1 billion. This acquisition aims to strengthen Ripple’s enterprise liquidity and payment infrastructure, expanding its position in the corporate treasury sector.

Evernorth’s move to build a digital-asset treasury echoes a wider trend in the corporate world. Michael Saylor’s Strategy was the first major public company to adopt Bitcoin as a primary treasury asset, a strategy that has since been followed by hundreds of companies. According to BitcoinTreasuries.NET, over 200 public companies now hold Bitcoin on their balance sheets, though most hold it for market exposure rather than as a central treasury reserve.

Beyond Bitcoin, corporate treasury strategies are expanding into other digital assets like Ether, Solana, and Ethena, as companies diversify their holdings in line with emerging asset narratives. However, despite the growing trend, some in traditional finance remain skeptical about digital-asset treasury strategies. Deng Chao, CEO of HashKey Capital, expressed concerns that these strategies still face resistance from the wider financial community. Similarly, David Bailey, CEO of Nakamoto, believes the failure of several altcoins and misguided ventures has tarnished the reputation of digital-asset treasuries.

Final Thought

Evernorth’s plans to build a massive XRP treasury and go public via a SPAC merger highlights the growing institutional appetite for digital assets in corporate treasuries. As more companies adopt digital assets like XRP and Bitcoin as central reserves, the landscape of corporate finance could shift dramatically. However, ongoing skepticism from traditional finance and the failure of some digital-asset ventures underscore the challenges facing this emerging sector. The success of projects like Evernorth will depend on their ability to navigate both the regulatory landscape and market volatility as they build the future of digital asset treasury management.