Evernorth Holdings Inc., a newly formed Nevada corporation that aims to enable institutional adoption of Ripple (XRP), has officially launched and entered a business combination agreement with Armada Acquisition Corp II, a publicly traded special purpose acquisition company (SPAC).
The company stated its intention to combine public market access with an active treasury model, offering a unique bridge for institutional investors seeking regulated, scalable exposure to the crypto asset.
Upon the transaction's closing, the combined entity will operate under the Evernorth name. It is expected to trade on Nasdaq under the ticker symbol “XRPN,” subject to standard listing requirements.
Evernorth’s XRP Treasury Vehicle
According to the press release shared with CryptoPotato, the deal is projected to raise over $1 billion in gross proceeds. This includes $200 million from SBI and additional investments from Ripple Labs and Rippleworks, a charitable foundation dedicated to supporting social impact ventures. Other significant investors in the digital asset and fintech space include Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen is also participating in the initiative.
The net proceeds will primarily be utilized to purchase XRP on the open market, thereby establishing a substantial institutional treasury for the crypto asset. A portion of these funds will be allocated towards working capital, corporate operations, and expenses related to the transaction.
Evernorth's strategy differs from traditional passive ETFs. The company plans to increase its XRP holdings per share over time by actively participating in institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities.
In a statement, Evernorth CEO Asheesh Birla remarked:
“Evernorth is built to provide investors more than just exposure to XRP’s price. As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”
Focus on XRP
Last week, London-based VivoPower International secured $19 million in fresh equity at $6.05 per share, a move aimed at expanding its XRP treasury strategy. These funds are designated to support debt reduction and enhance the company’s long-term XRP holdings.
Earlier, VivoPower entered into a partnership with Doppler Finance for a $30 million XRP deployment, which forms part of a larger planned allocation of $200 million. Furthermore, the firm has been evaluating Ripple’s RLUSD stablecoin for cross-border payments within its Tembo EV unit, seeking faster settlement times and reduced costs.