Ripple-Linked Evernorth to Go Public in $1B SPAC Deal to Build World’s Largest XRP Treasury
In a groundbreaking development for institutional crypto adoption, Evernorth Holdings, a digital asset company backed by Ripple Labs, has announced plans to go public through a $1 billion SPAC merger with Nasdaq-listed Armada Acquisition Corp II. The merger will position Evernorth as the largest regulated institutional XRP treasury globally, boosting mainstream confidence in blockchain technology and fueling excitement across the crypto news ecosystem.
A major crypto public listing aligned with institutional growth
Evernorth’s decision to list on the Nasdaq via a special purpose acquisition company (SPAC) is expected to generate over $1 billion in gross proceeds, including a $200 million anchor investment from Japan’s SBI Holdings a longtime Ripple ally. Other major backers include Ripple, Pantera Capital, Kraken, GSR Markets, and Chris Larsen, the co-founder of Ripple Labs.
Once the merger is complete, the combined entity will trade under the ticker symbol “XRPN.” The firm plans to use the proceeds primarily for open-market XRP purchases, building a treasury designed to become the world’s largest institutional XRP reserve.
Evernorth’s CEO Asheesh Birla, formerly of Ripple Labs, described the initiative as a bold step toward accelerating XRP adoption at the institutional level. “Evernorth provides investors with transparent, liquid exposure to XRP through a regulated, publicly traded structure,” Birla said in the official release. The company’s model differentiates itself from passive crypto ETFs, focusing instead on active management and DeFi yield generation via blockchain-based liquidity provisioning and institutional lending strategies.
XRP as the next major corporate treasury asset
Evernorth’s strategy aims to mirror and expand upon the corporate Bitcoin treasury playbook pioneered by Michael Saylor’s Strategy, which holds more than 640,000 BTC. However, while Saylor’s model focused exclusively on Bitcoin (BTC), Evernorth is targeting XRP, the native token of the Ripple payment network, known for its efficiency in cross-border transactions and enterprise settlements.
According to Evernorth, its XRP treasury model will participate in institutional DeFi markets, offering liquidity for decentralized applications on the XRP Ledger and utilizing Ripple’s RLUSD stablecoin for payments infrastructure. The goal is not only to store value but to actively enhance returns through on-chain productivity a concept increasingly popular among crypto pur investors seeking both yield and transparency.
Ripple’s expanding financial ecosystem
The Evernorth SPAC announcement follows a series of aggressive moves by Ripple to cement its leadership in the blockchain technology and institutional finance sectors. Ripple recently announced its $1 billion acquisition of GTreasury, a corporate treasury management firm, and plans to raise another $1 billion through XRP sales to develop its digital asset treasury product suite.
By building a robust network of XRP-linked treasury vehicles and payment systems, Ripple and its ecosystem partners aim to create a financial framework equivalent to an “XRP economy” an interconnected ecosystem spanning digital payments, decentralized finance (DeFi), liquidity management, and corporate capital allocation.
Growing momentum for digital asset treasury firms
The emergence of Evernorth underscores the rise of Digital Asset Treasury (DAT) models, where public companies build on-chain portfolios as part of their corporate reserve strategies. Dozens of firms, from Power Ledger to VivoPower, have announced similar initiatives to position themselves as blockchain-integrated financial entities leveraging digital assets as treasury instruments.
While Bitcoin has dominated DAT allocations since 2020, the sector is broadening to include assets like Ether (ETH), Solana (SOL), and Ethena (ENA), reflecting shifting institutional interest toward network utility and DeFi potential. Analysts see XRP’s fast settlement times and growing financial infrastructure as a compelling alternative to older crypto treasury approaches.
Skepticism and long-term outlook
Despite Evernorth’s strong institutional backing, skeptics warn of risks associated with concentrated holdings in single tokens and market volatility. HashKey Capital CEO Deng Chao noted that while DAT strategies show promise, “many investors still view crypto treasuries as speculative plays rather than stable holdings.” Similarly, Nakamoto CEO David Bailey cautioned that poor performance from past altcoin treasuries risks undermining confidence in non-Bitcoin assets.
Yet supporters argue that Evernorth’s institutional design and regulatory oversight offer a far more structured approach than earlier ventures, making it an important test case for wider adoption of non-Bitcoin treasuries.
Conclusion
Evernorth’s $1 billion SPAC merger represents a landmark moment for corporate crypto integration, signaling that institutional investors are ready to explore beyond Bitcoin. By creating a publicly traded XRP treasury vehicle, the Ripple-affiliated firm is not only legitimizing XRP as a reserve asset but also advancing blockchain-driven efficiency in capital markets.
For the crypto pur community, this move could mark the start of a new wave of publicly listed digital-asset enterprises bridging traditional finance and decentralized ecosystems proof that the future of blockchain technology is being shaped not just in codebases, but now on Wall Street.
