Evernorth Holdings Inc., a fresh XRP-centered monetary company, has announced plans to paddle public via a merger with Armada Acquisition Corp II (Nasdaq: AACI). Once executed, the firm will commerce on Nasdaq below the ticker image “XRPN.”
The deal is predicted to enhance more than $1 billion in infamous proceeds, including $200 million from SBI and further investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. The funds will primarily be historical to fetch XRP on the delivery market and accept as true with the sphere’s largest institutional XRP treasury.
“Ripple has lengthy championed XRP for its utility as a world asset for the efficient settlement of funds across the sphere. Evernorth is deeply aligned with that mission, bringing more utilize cases, participation, and self belief to the XRP ecosystem,” said Brad Garlinghouse, CEO of Ripple.
Evernorth objectives to give traders easy and transparent entry to XRP via a publicly listed automotive. Unlike a feeble ETF, it plans to grow its XRP holdings by taking part in DeFi lending, liquidity provision, and yield-generating actions.
Main the firm is Asheesh Birla, frail Ripple govt, who helped scale Ripple’s tainted-border funds industry. The leadership group additionally entails finance and crypto veterans much like Matthew Frymier, Meg Nakamura and Jessica Jonas among others.
Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz could well aid as strategic advisors, guaranteeing Evernorth stays connected to the broader XRP ecosystem.
XRP neighborhood – I promised I’d have an update on my next adventure soon correct? Well right here’s the delivery: I’ll be a strategic book to @evernorthxrp, helmed by my friend @ashgoblue.
Evernorth became as soon as founded as a regulated, scalable investment automotive to tap into opportunities for… https://t.co/nxHzATwcIK
— David ‘JoelKatz’ Schwartz (@JoelKatz) October 20, 2025
David Schwartz, who recently announced plans to step down as Ripple’s CTO, said, “I’ll be a strategic book to Evernorth, led by my friend Asheesh Birla. Evernorth became as soon as founded to amplify XRP’s role in DeFi and capital markets, and I’m furious to begin.”
The transaction is predicted to shut in Q1 2026, marking a main step in direction of institutional XRP adoption and a fresh chapter for one in every of crypto’s most established resources.
