Evernorth Holdings Inc., a brand new monetary firm centered on XRP, has introduced plans to go public by means of a merger with Armada Acquisition Corp II (Nasdaq: AACI). Upon completion, the corporate will commerce on the Nasdaq underneath the ticker image “XRPN.”
The deal is predicted to boost whole proceeds of greater than $1 billion, together with $200 million from SBI and extra investments from Ripple, Ripple Works, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. This funding will primarily be used to buy XRP on the open market and construct the world's largest institutional XRP vault.
“Ripple has lengthy supported the utility of XRP as a worldwide asset for environment friendly funds around the globe. Evernorth deeply aligns with that mission and is bringing extra use instances, participation, and belief to the XRP ecosystem,” mentioned Ripple CEO Brad Garlinghouse.
Evernorth goals to offer traders with easy and clear entry to XRP by means of an inventory automobile. Not like conventional ETFs, it plans to broaden its XRP holdings by taking part in DeFi lending, liquidity provision, and yield era actions.
The corporate is led by Asheesh Birla, a former Ripple government who helped broaden Ripple's cross-border funds enterprise. The management workforce additionally consists of monetary and crypto veterans corresponding to Matthew Fremier, Meg Nakamura, and Jessica Jonas.
Ripple executives Brad Garlinghouse, Stuart Alderotti, and David Schwartz will function strategic advisors to make sure Evernorth maintains connections to the broader XRP ecosystem.
XRP Neighborhood – We promised to replace you quickly about our subsequent journey, proper? Nicely, right here we go. I will probably be a strategic advisor to @evernorthxrp, led by my pal @ashgoblue.
Evernorth was established as a regulated, scalable funding automobile to reap the benefits of the next alternatives: https://t.co/nxHzATwcIK
— David 'JoelKatz' Schwartz (@JoelKatz) October 20, 2025
David Schwartz, who not too long ago introduced his plans to step down as Ripple's CTO, mentioned, “I will probably be a strategic advisor to Evernorth, led by my pal Asheesh Birla. Evernorth was based to broaden the function of XRP in DeFi and capital markets, and I'm excited to get began.”
The transaction is predicted to shut within the first quarter of 2026 and marks a significant step in the direction of institutional adoption of XRP, marking the start of a brand new chapter for one among crypto's most established belongings.
