How Evernorth Plans to Make XRP a $1-Billion Corporate Treasury Asset

Deal Basics: Who’s involved, and what’s being built?

Evernorth is a newly formed “digital asset treasury” whose basic idea is simple: collect a large pool of cash and use most of it to buy and manage XRP.

Instead of requiring companies to hold the token directly, Evernorth aims to offer publicly traded shares that provide exposure to XRP (XRP) through a company’s balance sheet.

To accelerate its public debut, Evernorth is merging with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC) – a listed company that helps private companies go public. If approved by shareholders and regulators, the combined company aims to list on the Nasdaq in the first quarter of 2026 under the ticker XRPN.

The financing goal is more than $1 billion. Most of this amount will go to open market XRP purchases, with a smaller portion allocated to operating expenses and transactions. Lead investor, SBI Holdings, has committed $200 million, with additional support expected from Ripple, Rippleworks, Pantera Capital, Kraken, GSR and others – capital aimed at helping Evernorth build one of the largest XRP treasuries on the public markets.

Evernorth’s leadership is headed by Ashesh Birla, a longtime Ripple executive who will step down from Ripple’s board to serve as CEO. This move indicates that the company will operate independently, even as Ripple continues to support it.

If the deal closes and the financing proceeds as planned, Evernorth aims to become the largest publicly traded holder of XRP. The company’s model gives treasurers and investors a direct way to gain exposure to XRP by purchasing shares rather than managing portfolios, custody and compliance themselves.

Structure vs ETF: How the shell works

Evernorth does not launch an immediate ETF. It is a public company that plans to hold a large position of XRP on the company’s balance sheet.

Investors will purchase Evernorth shares, and the company will use the net proceeds to purchase and manage XRP directly.

The main difference from an exchange-traded fund (ETF) is that the ETF passively tracks the asset. On the other hand, Evernorth plans to actively increase its “XRP per share” over time through standard treasury operations. The company also intends to use tactics such as institutional lending, liquidity provision, and selected decentralized finance (DeFi) returns, all of which are managed within clearly stated risk controls.

This is important for companies because stocks provide liquidity in market hours and public company disclosure. It also comes with audited transparency. Additionally, it removes the need to create internal saves and wallets.

Since these are stocks, returns may differ from spot XRP due to strategy options, expenses, and stock market pricing. The company presents this difference as a potential source of added value.

Did you know? Ripple has agreed to acquire prime broker Hidden Road in 2025, using RLUSD as collateral in its brokerage products. The move is part of a broader push toward institutional market infrastructure.

Why choose stocks instead of holding XRP directly?

For finance teams, the appeal is simplicity and security.

Holding a cryptocurrency token directly requires setting up wallets, selecting a custodian, formulating trading and compliance policies, and training employees. With Evernorth, treasurers can instead purchase listed shares designed to reflect XRP exposure while providing public company reporting, audits, and board oversight.

Evernorth also says it will not be a negative carrier. The company plans to spread out its XRP holdings and work to increase “XRP per share” over time. The Bank intends to do this mainly through purchases in the open market and, where appropriate, using institutional lending, liquidity provision and a selection of loans. DeFi tools to generate additional return.

In short, it provides exposure to XRP through a stock wrapper that trades during market hours and fits within existing controls.

This is important for companies that want exposure to the Ripple/XRP ecosystem without building cryptocurrency infrastructure in-house.

Did you know? Corporate “crypto vaults” do exist, but they are mostly concentrated in Bitcoin (Bitcoin). About 130-160 public companies own tens of billions of dollars worth of Bitcoin, led by Strategy.

Mechanisms: policy, return, custody and disclosure

Here’s how Evernorth says the fine print will play out if the SPAC deal closes.

How is the purchasing process done?

Most of the funds raised are allocated to purchasing XRP on the open market. Following the SPAC merger, the combined company expects to list on the Nasdaq under the ticker XRPN. This means that its balance sheet and treasury policy will be subject to standard reporting cycles set by the SEC.

How it aims to add return

Unlike spot ETFs, Evernorth outlines an active approach. The company also indicated plans to participate as a validator and use Ripple’s RLUSD stablecoin as a convenient vehicle for XRP-denominated activity. All of this remains subject to market conditions and the successful completion of the transaction.

Who is in charge and how does it stay independent?

Birla will step down from Ripple’s board of directors to take on the role of CEO of Evernorth. Ripple will remain a strategic investor, while Brad Garlinghouse, Stuart Alderotti and David Schwartz are expected to serve in advisory roles. The structure is designed to maintain ecosystem alignment while maintaining the independence of Evernorth’s day-to-day operations.

The big question: Can purchases worth more than $1 billion move XRP?

In absolute terms, $1 billion spread out over several months is meaningful but not overwhelming for XRP.

Ripple update for the first quarter of 2025 He appears The average daily spot volume of XRP is around $3.2 billion across leading venues. This suggests that Evernorth is likely to accelerate its purchases to reduce slippage. However, a consistent buyer can tighten spreads and add depth as market makers prepare for predictable demand.

Liquidity has improved since previous years. In 2025, Kaiku registered Post-settlement high for XRP on US exchanges, with nearly $116 million in bids and offers within 1% of the market price. Greater depth generally lowers execution costs and helps the market accommodate block flows. It does not eliminate price risk, as large bulk orders can still move the market, but it makes phased accumulation more manageable.

There are also secondary effects. If Evernorth is successfully listed, its stock could become an “XRP proxy” for investors who cannot purchase the token directly. If the market values ​​the stock at a premium, for example, if XRP per share increases, Evernorth may be able to raise additional capital and purchase more XRP, creating a reinforcing loop. Conversely, in risk-averse markets, this loop can break down.

Finally, if institutional demand continues to grow through ETF and exchange-traded products (ETP) inflows or rising index weights, the market structure around XRP becomes more supportive. Kaiko’s research shows that indices beyond BTC and Ether (ETH) have performed strongly in markets where assets like XRP are included, which could amplify the impact of any large systematic buyer like Evernorth.

Did you know? The total supply of XRP was set at 100 billion XRP when the XRP Ledger launched in 2012, and the network does not rely on mining.

What to watch between now and closing

From regulatory filings to funding mix and implementation signals, the next phase will show how prepared Evernorth is to scale its XRP strategy into public markets. Here’s what to watch as the process unfolds.

1. Regulatory steps: SPAC deals follow a specific path. Expect an SEC Form S-4, merger proxy and prospectus, followed by a vote of Armada II stockholders and standard closing conditions. The companies target a first-quarter close of 2026. If completed, the combined entity plans to list on the Nasdaq under the symbol “XRPN.”

2. Financing mechanisms: There are two factors that affect the amount of cash that hits the balance sheet. The first is private investment in public equity allocations (PIPE) associated with the merger. The other is to redeem SPAC shareholders. The main target is more than $1 billion in gross proceeds, including $200 million from SBI, with additional participation expected from Ripple, Pantera, Kraken, and GSR. The final mix at close will impact Evernorth’s initial ability to purchase XRP.

3. Reveal the playbook: Keep an eye on the official Treasury policy that specifies how often a company plans to buy, any blackout windows and its hedging rules. Expect details about specific custodial providers and key performance indicators such as “XRP per share.” The company also mentioned the potential involvement of a validator and the use of Ripple’s stablecoin RLUSD as an entry into XRP-based DeFi. Filings should explain what is actually planned.

4. People and governance: Birla will step down from Ripple’s board of directors to take on the role of CEO of Evernorth. Ripple executives are expected to serve as advisors, reflecting alignment with the broader ecosystem while maintaining operational independence. Find the final list of board and committee structure, including audit and risk, in the Form S-4 filing.

5. Implementation signals: Following the listing, early indicators to watch will include PIPE closing details, the first disclosed XRP purchases and the cadence of quarterly reports.

Together, these indicators will reveal whether Evernorth has successfully scaled the large public XRP treasury it has identified.