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Ripple CEO Brad Garlinghouse confirmed support for Evernorth, a new XRP-focused vehicle that plans to raise more than $1 billion and list on Nasdaq through a merger with Armada Acquisition Corp II. According to the announcement, the deal is expected to close in Q1 of 2026, with the combined company trading under the ticker XRPN.
Evernorth will use the net proceeds mainly to acquire XRP on the open market, creating the largest institutional treasury dedicated to this particular cryptocurrency. Additional funds will go toward corporate purposes and transaction costs.
Asheesh and team are building something special with @evernorthxrp. We are proud to partner with him — and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… https://t.co/qeAqXtmQcV
— Brad Garlinghouse (@bgarlinghouse) October 20, 2025
The $1 billion initiative is not tied to Ripple alone as the fundraising is led by the Japanese SBI Group with a $200 million commitment, and other investors include Pantera Capital, Kraken, GSR and Ripple works. Ripple cofounder Chris Larsen is in the mix too.
Ripple itself is a strategic investor, while Garlinghouse, Chief Legal Officer Stuart Alderoty and CTO David Schwartz serve as advisers.
What are benefits for XRP?
Evernorth’s CEO Asheesh Birla, a former Ripple executive, by the way, wants the firm to be seen as an active treasury, aiming to expand XRP shares via institutional lending, liquidity and DeFi strategies. According to him, the model is designed to generate returns for shareholders while contributing to XRP adoption.
Ripple will still be running the show, but it is planning to get more involved in the XRP ecosystem to make business more streamlined.
Board approvals have been secured at both firms. If it goes ahead, it will be the first public company dedicated to accumulating and deploying XRP on a large scale.
