A group of former Ripple executives and leading crypto investors have unveiled a major new venture — Evernorth Holdings Inc., a company aiming to create the world’s largest public digital asset treasury backed by XRP.
The newly formed firm will merge with Armada Acquisition Corp II, a special-purpose acquisition company (SPAC), in a deal expected to close next quarter. Once finalized, the combined entity will operate under the Evernorth name and trade on Nasdaq under the ticker symbol “XRPN.”
According to Monday’s announcement, the transaction is expected to generate over $1 billion in gross proceeds, including $200 million from SBI Holdings, with additional backing from Ripple Labs, Rippleworks, Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen is also among the contributors.
Evernorth Holdings Inc.
Most of the funds will go toward open-market XRP purchases, while a portion will support general operations and transaction-related expenses.
Aiming Beyond Price Exposure
Evernorth’s CEO Asheesh Birla, a longtime Ripple veteran, emphasized that the firm’s strategy extends beyond simply holding XRP.
“Evernorth is built to provide investors more than just exposure to XRP’s price,” Birla said. “By leveraging traditional finance yield-generation models alongside DeFi opportunities, we’re aiming to generate returns for shareholders while helping strengthen XRP’s utility and ecosystem.”
The company plans to participate in institutional lending, liquidity provisioning, and DeFi yield generation, aligning with XRP’s broader push to serve as a bridge asset in both traditional and decentralized finance.
Ripple’s Growing Treasury Ambitions
The move follows reports that Ripple Labs was working to raise $1 billion for an XRP-focused treasury, and it comes shortly after Ripple’s $1 billion acquisition of GTreasury, signaling a deepening interest in corporate treasury markets.
Olga Kharif
Evernorth’s roadmap also includes operating XRP validators, integrating Ripple’s RLUSD stablecoin as an on-ramp into XRP-based decentralized finance, and supporting projects that expand XRP’s real-world utility across global markets.
Industry Backing and Market Context
Ripple’s chief legal officer Stuart Alderoty welcomed the initiative, noting XRP’s regulatory clarity in the U.S.
“XRP has clear regulatory standing in the U.S., and it’s no surprise that companies like Evernorth are looking to focus on it,” Alderoty wrote on X.
XRP has clear regulatory standing in the US, and it’s no surprise that companies like @evernorthxrp are looking to focus on XRP. Congrats @ashgoblue and the amazing team he has assembled. https://t.co/MPpjX0VOg1
— Stuart Alderoty (@s_alderoty) October 20, 2025
XRP, currently the fifth-largest cryptocurrency, has a market capitalization near $150 billion and recently traded up 2.5% to $2.47, according to data.
While other digital asset treasuries backed by Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the market, Evernorth aims to carve out a distinct space by reinforcing XRP’s presence in institutional and DeFi finance.
Birla, who played a key role in developing Ripple’s cross-border payments network, will lead the company alongside a team of advisors that includes Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz, the latter of whom will be departing Ripple later this year.
XRP community – I promised I’d have an update on my next adventure soon right? Well here’s the start: I’ll be a strategic advisor to @evernorthxrp, helmed by my friend @ashgoblue.
— David 'JoelKatz' Schwartz (@JoelKatz) October 20, 2025
Evernorth was founded as a regulated, scalable investment vehicle to tap into opportunities for… https://t.co/nxHzATwcIK
Evernorth represents a significant step in integrating XRP deeper into institutional finance, blending traditional yield strategies with decentralized opportunities. Backed by major crypto players and seasoned Ripple veterans, the initiative could mark a new chapter for XRP’s global adoption and long-term market influence.
