A new powerhouse is entering the crypto capital markets. Evernorth Holdings Inc., a Nevada-based company focused on institutional XRP adoption, announced plans to go public through a business combination with Armada Acquisition Corp II (Nasdaq: AACI). Upon completion, the merged company will trade on Nasdaq under the ticker “XRPN”, marking a milestone for XRP’s presence in traditional finance.
The deal is set to raise over $1 billion in gross proceeds, with funding led by SBI Holdings, Ripple, Rippleworks, and major investors including Pantera Capital, Kraken, and GSR, as well as Ripple co-founder Chris Larsen. The majority of proceeds will go toward open-market XRP accumulation, establishing the world’s first large-scale institutional XRP treasury.
Unlike passive ETFs, Evernorth aims to actively grow XRP per share by participating in institutional lending, liquidity provisioning, and DeFi yield generation, blending traditional finance (TradFi) and onchain returns. “Evernorth is built to provide investors more than just exposure to XRP’s price,” said CEO Asheesh Birla, former Ripple executive, emphasizing that the model aligns treasury growth with XRP’s ecosystem expansion.
Backed by Ripple’s leadership as strategic advisors, including Brad Garlinghouse, Stuart Alderoty, and David Schwartz, Evernorth plans to integrate RLUSD, Ripple’s stablecoin, into XRP DeFi markets while operating validators to reinforce the ledger’s decentralization. The transaction, approved by both companies’ boards, is expected to close in Q1 2026, positioning Evernorth as the largest public XRP-focused company driving institutional liquidity and adoption.