Evernorth, an organization backed by gamers near Ripple, mentioned it should go public via a SPAC merger that goals to construct a big, public XRP treasury. Primarily based on reviews and regulatory filings, the deal would checklist the brand new firm on Nasdaq underneath the ticker XRPN and lift greater than $1 billion in gross proceeds.
Evernorth Groups With Armada Acquisition Corp II
In line with filings, Evernorth has signed a enterprise mixture settlement with Armada Acquisition Corp II (AACI). The transaction is structured as a SPAC and is predicted to herald over US$1 billion earlier than prices and doable shareholder redemptions.
Reports have disclosed that Japan’s SBI Holdings has dedicated US$200 million as an anchor investor. Different backers named within the filings embody Ripple, Pantera Capital, Kraken, GSR, and Chris Larsen. Asheesh Birla will lead Evernorth as CEO and can step down from his seat on Ripple’s board.
I’m proud to share that we’ve launched @evernorthxrp, a first-of-its-kind institutional automobile constructed to speed up XRP adoption. With over a decade of uptime and a quickly rising DeFi ecosystem, XRP is well-positioned for adoption — and Evernorth is constructed to fulfill that second.… pic.twitter.com/2YGgQsNWCd
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
Ripple: Plans Focus On An Institutional XRP Treasury
The said goal is simple: purchase XRP within the open market and maintain it on the corporate stability sheet whereas looking for yield via lending and liquidity actions. Primarily based on reviews, Evernorth’s workforce describes the plan as creating the biggest publicly traded institutional treasury of XRP.
That makes the transfer totally different from many crypto performs that merely construct merchandise; right here the asset itself is the core holding to be managed and reported publicly.
Market Response
Markets reacted shortly. XRP noticed noticeable value swings after the announcement as merchants and funds repositioned their publicity. Particulars within the filings present that the ultimate quantity accessible for XRP purchases will rely on redemptions and transaction prices, which might considerably have an effect on the corporate’s shopping for energy.
Evernorth can also be anticipated to stipulate its custody and danger administration framework, given the volatility related to giant token holdings. These points are vital since concentrated possession can affect market motion and expose the agency to sharp modifications in asset worth.
Reviews present the deal targets an in depth in Q1 2026, topic to shareholder votes and regulatory approvals. The corporate might want to fulfill Nasdaq itemizing guidelines and full commonplace SPAC closing steps.
A number of the traders concerned have lengthy ties to Ripple and the broader crypto market, and people ties are being watched intently by regulators and market contributors. The governance preparations will probably be a focus for anybody contemplating shopping for XRPN shares.
Featured picture from Pexels, chart from TradingView
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