American company Evernorth Holdings announced this Monday, October 20, an initial public offering and business combination agreement with special acquisition company (SPAC) Armada Acquisition Corp. II. The purpose of the operation is Creating the largest publicly traded XRP digital asset treasury company.
Upon completion of the transaction, the combined company will operate under the name Evernorth and will be listed on the Nasdaq under the ticker “XRPN.”
transaction Expected to earn more than $1 billion in gross revenue. The round includes $200 million from SBI, as well as additional investments from Ripple, Pantera Capital, Kraken, and GSR, according to a statement.
Net proceeds will primarily be used to purchase: XRP Build a corporate warehouse in the open market.
Armada Acquisition (AACI) stock has historically been highly volatile, but this announcement has not caused any particular price movement.
Active XRP Treasury Vehicle
Evernorth works like this: A financial instrument offering investors exposure to the digital asset XRP. Unlike passive exchange-traded funds (ETFs), the company actively seeks to increase its per-share XRP holdings through institutional lending, liquidity provision, and participation in decentralized finance (DeFi) yield opportunities.
The new company will be led by CEO Asheesh Birla, a former senior executive at Ripple. Evernorth will maintain independent governance, while Ripple will participate as a strategic investor.
Ripple executives including CEO Brad Garlinghouse serve as strategic advisors Evernorth said in a statement that this was done to “ensure operational independence.”
The merger is expected to close in the first quarter of 2026, subject to customary closing conditions and stockholder approval.
As reported by CriptoNoticias, at least seven companies have already started accumulating XRP or have announced their intention to do so in the near future.
