A company is preparing to go public with over $1 billion in XRP, a figure that already cements its role as a key institutional player in the Ripple ecosystem.
Evernorth Holdings, a Nevada-based company backed by Ripple and other major crypto investors, has announced its intention to go public through a merger with Armada Acquisition Corp II, a Nasdaq-listed special purpose company. The deal, expected to close in the first quarter of 2026, is expected to raise over $1 billion in gross proceeds, positioning Evernorth as a the largest public treasury of XRP in the world.
The transaction not only involves a significant expansion of its balance sheet, but also an active strategy of XRP accumulation on the open market.
To date, Evernorth has acquired 388,7 million XRP tokens, equivalent to approximately $993,6 million at the time of writing. With this, the firm has reached 95% of its digital treasury goal. Furthermore, this investment has generated unrealized profits of nearly $46 million in just four days, with an average purchase price of $2,44 per token.
Following the latest round of purchases, the price of XRP has increased by 13%, reaching $2,64 per unit, according to market data.
Evernorth Holdings seeks to boost XRP from within
Evernorth Holdings has announced its intention to list on Nasdaq under the symbol “XRPN.” This company’s strategy moves away from traditional passive funds that simply replicate the price of XRP. Instead, Evernorth seeks increase the value per share Through an active focus on decentralized finance (DeFi), providing liquidity to institutions, and participating in lending in the crypto space. This vision aims not only to provide returns to shareholders but also to strengthen the XRP ecosystem from within.
The leadership of Evernorth is in the hands of Asheesh Birla, who joins Ripple and was responsible for developing blockchain-based international payment solutions. He is joined by a team with extensive experience in capital markets, financial management, and legal technology, including industry-renowned names such as Matthew Frymier, Meg Nakamura, Jessica Jonas, and Sagar Shah.
Although Ripple is a strategic investor in this company, it does not have direct control over Evernorth's operations. Ripple's senior executives, such as Brad Garlinghouse, Stuart Alderoty, and David Schwartz, will act as external advisors, contributing their expertise without intervening in the firm's day-to-day management.
What is XRP and why are companies accumulating it?
XRP is a digital asset created by Ripple Labs that is primarily used to facilitate fast and low-cost international payments.
With over a decade of uninterrupted operation, deep liquidity, and growing integration into DeFi platforms, XRP has gained traction as a reserve asset and yield-generating tool. Its use as collateral, its ability to integrate with stablecoins like RLUSD (Ripple USD), and its role in validation networks make it especially useful for companies looking to actively participate in digital financial infrastructure.
The institutional accumulation of XRP also responds to a broader trend: the creation of public vehicles that allow investors to access digital assets without having to manage them directly. Models like Evernorth's offer regulated, liquid, and transparent exposure, facilitating the entry of traditional capital into the crypto ecosystem.
Furthermore, the withdrawal of the SEC lawsuit against Ripple this year has contributed to a significant revaluation of the token, with a annual increase of 400%This context has encouraged companies like Evernorth to accelerate their acquisitions, anticipating greater adoption and future appreciation.
Source: CoinGecko
A model that seeks to expand the XRP ecosystem
Beyond token accumulation, Evernorth has outlined a strategy to actively contribute to the development of the XRP ecosystem. Its plans include operating validators to strengthen the network's security and decentralization, integrating stablecoins like RLUSD into DeFi platforms, and providing liquidity for projects using XRP in payments, capital markets, and tokenized assets.
Asheesh Birla noted that Evernorth is designed to provide investors with more than just exposure to the price of XRP, and that as the company capitalizes on TradFi’s existing yield-generating strategies and deploys them into DeFi yield opportunities, it will also contribute to the growth and maturity of that ecosystem.
"This approach is designed to generate returns for shareholders while supporting the utility and adoption of XRP. It's a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.", Birla noted.
Thus, Evernorth will not only serve as an investment vehicle, but also as a stakeholder in the technical and functional evolution of XRP and its XRP Ledger network. The company also plans to use a portion of the funds raised for operating expenses and working capital, suggesting a structure geared toward sustained growth.
Evernorth's transparency has been supported by platforms like CryptoQuant, which offer on-chain data on its treasury movements. This visibility allows analysts and market participants to closely monitor the impact of its operations on the price and liquidity of XRP.
XRP: protagonist of a new digital financial era
The merger with Armada Acquisition Corp II and the upcoming Nasdaq listing mark a significant milestone for Evernorth, which seeks to consolidate its position as the primary institutional vehicle for XRP. With a strategy that combines accumulation, active participation in DeFi, and infrastructure development, the company is positioning itself in a segment that has so far been dominated by passive funds and exchanges.
The backing of Ripple and other investors reinforces the project's credibility, while operational independence ensures governance aligned with shareholder interests. While the crypto market remains volatile, Evernorth is betting on a narrative of utility, performance, and institutional adoption that could appeal to both traditional investors and blockchain ecosystem participants.
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