Ripple, SBI Holdings, Pantera Capital to raise $1 billion for Evernorth XRP treasury

Evernorth Holdings is set to go public through a merger with Nasdaq-listed Armada Acquisition Corp (AACI), with plans to raise $1 billion in proceeds to build an XRP treasury.

Evernorth plans public listing with up to $1 billion XRP treasury

Ripple-backed company Evernorth announced its plan to go public via a merger with the special-purpose acquisition company Armada Acquisition Corp.

The transaction is projected to raise $1 billion, which will be used to establish a digital asset treasury centered on XRP accumulation, according to a statement on Monday.

Key backers behind the initiative include SBI Holdings, contributing $200 million, along with Ripple and its co-founder Chris Larsen, Pantera Capital, Kraken and GSR.

The majority of net proceeds will be directed toward open-market purchases of XRP to build what Evernorth describes as the "world’s leading institutional XRP treasury," while the remainder will support operations and other corporate initiatives.

“This approach is designed to generate returns for shareholders while supporting XRP's utility and adoption. It's a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem,” said Asheesh Birla, CEO of Evernorth.

Upon completion of the merger, the combined entity will operate with the name Evernorth and list on the Nasdaq under the ticker XRPN. The deal, unanimously approved by the boards of both companies, is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals.

Ripple executives, CEO Brad Garlinghouse, CLO Stuart Alderoty, and CTO David Schwartz will serve as strategic advisors, helping maintain alignment with the XRP ecosystem while preserving the company’s operational independence.

"Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world. Evernorth is deeply aligned with that mission, bringing more use cases, participation, and confidence to the XRP ecosystem," added Ripple CEO Brad Garlinghouse. 

Evernorth aims to use its resources to accelerate growth across the XRP ecosystem. The company plans to run XRP validators and integrate Ripple’s RLUSD stablecoin to facilitate access to XRP-powered DeFi. It also plans to supply liquidity while backing projects designed to expand XRP’s practical applications in global markets.

XRP is trading at $2.51 on Monday, up nearly 5% over the past 24 hours at the time of publication.