A newly formed Nevada company says it will go public and create a large, publicly traded XRP treasury through a merger with a blank-check firm.
Evernorth Holdings revealed the plan in a press release on Monday, saying it has signed a business combination agreement with Armada Acquisition Corp II (AACI). If the deal closes, the combined company is expected to keep the Evernorth name and is “expected” to trade on Nasdaq under the symbol XRPN. Subject to shareholder approval and listing requirements, the companies are targeting the first quarter of 2026.
Deal outline and funding
The transaction is expected to raise more than $1 billion in gross proceeds, including SBI’s $200 million commitment, the release said. Other backers listed include Ripple, Rippleworks, Pantera Capital, Kraken, and GSR, with participation from Ripple co-founder Chris Larsen.
Evernorth says most of the net proceeds will be used to purchase XRP on the open market to build institutional treasury, with the remainder earmarked for working capital and deal expenses. Class A shares of AACI that have not been redeemed will be converted one-for-one into Class A shares of Evernorth at the closing.
what is the condition of the vehicle
Evernorth bills itself as a public vehicle that provides simple exposure to XRP while actively striving to increase XRP per share over time. Instead of passively tracking assets, the company says it plans to participate in decentralized-finance strategies to lend to institutions, provide liquidity, and generate yield.
“Evernorth is designed to provide investors with much more than just exposure to the price of XRP,” said CEO Ashish Birla. “As we take advantage of traditional yield opportunities and deploy into DeFi when appropriate, we want to help mature that ecosystem. Our goal is to create returns for shareholders while strengthening the utility of XRP.”
Beyond treasury activity, the company says it intends to run validators on the XRP Ledger and use Ripple’s RLUSD stablecoin as an on-ramp into XRP-based DeFi. It also highlights plans to support projects focused on payments, capital markets and tokenized assets. Initiatives such as listing and capital raising depend on the completion of the transaction and market conditions.
people and governance
According to the announcement, Birla, a former senior Ripple executive, will lead a team that includes CFO Matthew Frimier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas and Chief Business Officer Sagar Shah.
Ripple is described as a strategic investor, and Ripple executives Brad Garlinghouse, Stuart Alderotti and David Schwartz are expected to serve as strategic advisors. Evernorth says it will maintain independent governance.
“Having worked with Ashish for many years, I have full confidence in his and the team’s ability to take XRP’s presence in the capital markets to the next level,” Garlinghouse said in the release.
what comes next
The companies said both boards approved the deal. The outcome now depends on shareholder votes, potential redemptions, regulatory review and the execution of the funding plan outlined in the announcement. If completed, XRPN will give public market investors exposure to the price of XRP as well as any incremental returns the firm generates through lending, liquidity and DeFi participation.