Evernorth to Go Public in $1B SPAC Merger, Building Massive XRP Treasury

Introduction

Evernorth Holdings, a Ripple-linked digital asset firm, plans to go public via a $1 billion SPAC merger with Armada Acquisition Corp. II, aiming to build one of the world’s largest XRP treasuries through open-market purchases. The deal includes a $200 million commitment from Japan’s SBI Holdings, with additional backing expected from Ripple, Pantera Capital, Kraken, and GSR. Post-merger, the company plans to list on Nasdaq under the ticker “XRPN,” positioning itself as one of the first public companies to anchor its balance sheet in XRP, signaling growing institutional demand for digital-asset treasury strategies.

Evernorth CEO Asheesh Birla said the vehicle is designed to accelerate XRP adoption within decentralized finance (DeFi) and provide a public-market avenue for exposure to XRP and related strategies. The announcement follows reports that Ripple aims to raise roughly $1 billion through XRP sales to establish its own digital-asset treasury and its separate agreement to acquire corporate treasury platform GTreasury for around $1 billion—moves that underscore an expanding enterprise liquidity and payments stack around the XRP ecosystem.

The plan comes amid a broader rise in digital-asset treasury (DAT) strategies among public companies, a trend that traces back to Michael Saylor’s Strategy and its extensive Bitcoin holdings. While more than 200 public firms now hold Bitcoin on their balance sheets, corporate treasuries have begun exploring exposure beyond BTC, including Ether (ETH), Solana (SOL), and Ethena (ENA). However, skeptics in traditional finance and concerns over altcoin underperformance continue to challenge broader adoption (Cointelegraph).

Background

Evernorth Holdings, a digital-asset specialist founded by former Ripple Labs executive Asheesh Birla, has struck a definitive agreement to merge with Armada Acquisition Corp II, a Nasdaq-listed special-purpose acquisition company (SPAC). The all-stock deal is expected to raise more than $1 billion in gross proceeds, including a $200 million anchor investment from Japan’s SBI Holdings and additional commitments from Ripple, Pantera Capital, Kraken, and liquidity provider GSR. Once the merger closes, the combined entity intends to trade under the ticker “XRPN,” positioning it as one of the first public companies to hold a large XRP treasury on its balance sheet.

What makes a SPAC different from a traditional IPO?

A SPAC is a publicly traded “blank-check” company that raises capital first and finds a target business later. Because a merger with a SPAC can close in a matter of months—far faster than the 12- to 18-month timeline of a conventional initial public offering—crypto startups often prefer the structure for timely market access. The U.S. Securities and Exchange Commission defines SPACs as shell companies “formed for the purpose of acquiring one or more operating businesses” and requires them to return capital to investors if a deal is not completed within two years. In Evernorth’s case, the target business already operates, and the merger is designed to inject fresh capital while providing public-market liquidity for shareholders.

Evernorth’s strategy: building a massive XRP treasury

Evernorth plans to use the bulk of the proceeds to purchase XRP on the open market, aiming to build one of the world’s largest corporate treasuries denominated in the token. According to Birla, the goal is to “accelerate XRP adoption in decentralized finance (DeFi) and cross-border payments.” The idea echoes Michael Saylor’s MicroStrategy playbook, where the company deployed over $5 billion into Bitcoin as a primary treasury reserve asset). By substituting XRP for Bitcoin, Evernorth hopes to position itself as a pure-play vehicle for investors seeking exposure to Ripple’s ecosystem without the complexity of self-custody.

Why institutional interest in XRP is rising

XRP, whose on-chain transactions settle in about three to five seconds, is already integrated into numerous cross-border remittance corridors through RippleNet and Ripple’s On-Demand Liquidity (ODL) service. A recent study by global payments processor Remitly cited lower fees and faster settlement times as the two primary reasons fintech firms explore XRP-based rails. Moreover, the July 2023 partial ruling in SEC v. Ripple, which found that programmatic XRP sales did not constitute securities offerings, removed a key legal overhang for U.S. institutions. The combination of regulatory clarity and proven payment utility makes the asset attractive for corporate treasury diversification.

Fundraising mix: who is backing the deal?

SBI Holdings, a longtime Ripple partner that operates the SBI Ripple Asia joint venture, is contributing $200 million. Ripple itself, along with Pantera Capital—an early Coinbase investor—will provide strategic capital, while Kraken and GSR are expected to supply market-making support and exchange liquidity. This blended funding model underscores a broader trend in which crypto exchanges, venture funds, and blockchain companies collaborate to seed liquidity for public-market vehicles.

How “XRPN” could change the digital-treasury landscape

If successful, Evernorth’s model may pioneer an alternative to Bitcoin-centric treasury strategies. Over 200 publicly traded companies currently report Bitcoin on their balance sheets, but very few hold meaningful positions in other digital assets. Evernorth’s listing could pave the way for “token-specific” treasuries—firms that specialize in accumulating one asset, thereby deepening liquidity and price discovery for that token. Analysts at research firm Galaxy Digital argue that single-token treasuries can “serve as quasi-ETFs” by offering equity-market access to a digital-asset thesis without the complexity of a fund registration.

Key risks: market volatility, regulatory shifts, and concentration

XRP’s price remains highly volatile, moving roughly 3–5 percent on an average trading day, according to CoinMetrics data. A sharp downturn could impair Evernorth’s book value and stir shareholder lawsuits, a risk flagged in the company’s preliminary proxy filing. Regulatory changes are another wildcard: while the SEC case reduced legal uncertainty, future legislation—such as the proposed U.S. Digital Commodity Exchange Act—could alter reporting or capital-reserve requirements. Finally, concentration risk looms large; anchoring a balance sheet in a single altcoin amplifies exposure to protocol-specific events, from governance forks to network outages.

The bigger picture for digital-asset treasuries

Corporate adoption of on-chain assets is diversifying. Electric vehicle firm VivoPower revealed a Solana-backed treasury plan earlier this year, and social-media company Mega Matrix announced a shelf registration to purchase up to $2 billion in Ethena (ENA) tokens. Yet skepticism persists: HashKey Capital CEO Deng Chao recently told Bloomberg that “traditional CFOs remain wary of altcoins due to liquidity and regulatory opacity.” Evernorth’s public-market experiment will test whether XRP can overcome such doubts and stand alongside Bitcoin as a legitimate treasury reserve.

Bottom line

The Evernorth–Armada SPAC merger, valued at more than $1 billion, could inaugurate a new era of XRP-denominated corporate treasuries and give public-market investors a straightforward path to participate in Ripple’s ecosystem. Success will depend on XRP price performance, regulatory stability, and Evernorth’s ability to demonstrate real-world yield or utility from its holdings. Still, the planned XRPN listing highlights a growing institutional appetite for diversifying digital-asset exposure beyond Bitcoin, placing XRP squarely in Wall Street’s spotlight.