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Evernorth Holdings Inc., a new XRP-focused financial firm, has announced plans to go public through a merger with Armada Acquisition Corp II (Nasdaq: AACI). Once completed, the company will trade on Nasdaq under the ticker symbol “XRPN.”
The deal is expected to raise more than $1 billion in gross proceeds, including $200 million from SBI and additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. The funds will primarily be used to purchase XRP on the open market and build the world’s largest institutional XRP treasury.
“Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world. Evernorth is deeply aligned with that mission, bringing more use cases, participation, and confidence to the XRP ecosystem,” said Brad Garlinghouse, CEO of Ripple.
Evernorth aims to give investors simple and transparent access to XRP through a publicly listed vehicle. Unlike a traditional ETF, it plans to grow its XRP holdings by participating in DeFi lending, liquidity provision, and yield-generating activities.
Leading the company is Asheesh Birla, former Ripple executive, who helped scale Ripple’s cross-border payments business. The leadership team also includes finance and crypto veterans such as Matthew Frymier, Meg Nakamura and Jessica Jonas among others.
Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as strategic advisors, ensuring Evernorth stays connected to the broader XRP ecosystem.
XRP community – I promised I’d have an update on my next adventure soon right? Well here’s the start: I’ll be a strategic advisor to @evernorthxrp, helmed by my friend @ashgoblue.
Evernorth was founded as a regulated, scalable investment vehicle to tap into opportunities for… https://t.co/nxHzATwcIK
— David ‘JoelKatz’ Schwartz (@JoelKatz) October 20, 2025
David Schwartz, who recently announced plans to step down as Ripple’s CTO, said, “I’ll be a strategic advisor to Evernorth, led by my friend Asheesh Birla. Evernorth was founded to expand XRP’s role in DeFi and capital markets, and I’m excited to get started.”
The transaction is expected to close in Q1 2026, marking a major step toward institutional XRP adoption and a new chapter for one of crypto’s most established assets.
