Ripple Joins Consortium for Evernorth Holdings Inc.
Ripple has joined a consortium of leading investors to support Evernorth Holdings Inc., a newly formed Nevada corporation focused on institutional XRP adoption. The company has announced its public debut alongside a business combination agreement with Armada Acquisition Corp II, a Nasdaq-listed special purpose acquisition company.
Once completed, the merged entity will operate under the Evernorth name and trade on Nasdaq with the ticker “XRPN,” subject to listing approvals.
The transaction aims to raise more than $1 billion in gross proceeds, including a $200 million investment from SBI and additional backing from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
Evernorth's Strategy for XRP Adoption
Evernorth plans to use most of the proceeds to acquire XRP on the open market and build one of the largest institutional XRP treasuries. The rest will be allocated to working capital, operations, and transaction-related expenses.
Unlike a passive fund, Evernorth will actively participate in institutional lending, liquidity provisioning, and decentralized finance yield generation. The company’s approach seeks to increase XRP holdings per share over time while contributing to the growth of the XRP ecosystem.
XRP’s established regulatory framework and proven role in global payments have positioned it as a strong candidate for institutional growth.
Evernorth to Strengthen Institutional Access to XRP
According to the company, Evernorth offers investors transparent and liquid exposure to XRP while supporting its broader adoption. The initiative also aligns with Ripple’s mission to expand XRP’s real-world utility in finance and payments.
Evernorth will be led by Asheesh Birla, the former Ripple executive who played a key role in building its global payments business. He will be joined by Matthew Frymier as Chief Financial Officer, Meg Nakamura as Chief Operating Officer, Jessica Jonas as Chief Legal Officer, and Sagar Shah as Chief Business Officer.
Ripple will remain a strategic investor while maintaining Evernorth’s operational independence. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz are expected to act as strategic advisors, ensuring alignment with the XRP ecosystem.
The boards of both companies have unanimously approved the merger, which is set to close following standard regulatory and shareholder processes. Once finalized, Armada’s existing Class A shares will convert to Evernorth shares on a one-for-one basis.
Evernorth’s plans also include operating XRP validators to enhance network resilience, integrating Ripple’s RLUSD stablecoin into decentralized finance, and providing liquidity to projects advancing XRP’s real-world use. Through these initiatives, Evernorth aims to drive institutional participation and long-term growth for XRP.