Evernorth, a new publicly traded digital asset treasury, will focus on building a large reserve of the Ripple-connected cryptocurrency XRP. The company, supported by Ripple and key crypto firms, aims to raise over $1 billion in net proceeds by merging with special purpose acquisition company (SPAC) Armada Acquisition Corp II. The deal is expected to complete in the first quarter of 2026.

The capital raised will primarily be used to purchase XRP tokens on the open market. Investors backing Evernorth include Ripple itself, its co-founder Chris Larsen, and crypto firms such as Pantera Capital and Kraken. Evernorth will operate with independent governance while receiving strategic advice from Ripple executives including CEO Brad Garlinghouse, Chief Legal Officer Stuart Alderoty, and outgoing CTO David Schwartz.

“Evernorth is built to provide investors more than just exposure to XRP’s price,” said Asheesh Birla, Evernorth‘s CEO and former Ripple executive. “As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption.” The treasury plans to engage in decentralized finance (DeFi), participate in validator operations on the XRP Ledger, and support projects fostering XRP’s market development.

“Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world,” Garlinghouse said. “Evernorth is deeply aligned with that mission, bringing more use cases, participation, and confidence to the XRP ecosystem.” This treasury would become the largest publicly traded XRP reserve to date. Other firms such as Trident Digital and travel company Webus have also announced substantial XRP accumulation plans.

XRP’s price saw a minor increase of 2% to $2.44 shortly after the news, while the shares of Armada Acquisition Corp II dropped approximately 2.5% to $10.21. By creating a significant XRP fund, Evernorth aims to act as both a reserve holder and a catalyst for XRP’s wider adoption and institutionalization.

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