How Evernorth Plans to Make XRP a $1-Billion Corporate Treasury Asset

Deal basics: Who is involved and what is being built?

Evernorth is a newly founded “digital asset vault” and its core idea is simple. Raise a large amount of cash and use most of it to buy and manage XRP.

Evernorth aims to offer publicly traded stocks that provide XRP (XRP) exposure through a company’s balance sheet, rather than requiring companies to hold tokens directly.

To accelerate its listing, Evernorth will merge with Armada Acquisition Corp. II, a special acquisition company (SPAC) that helps private companies go public. If approved by shareholders and regulators, the combined company aims to list on the Nasdaq under the ticker XRPN in the first quarter of 2026.

Funding goal is over $1 billion. Most of it will go toward purchasing XRP on the open market, and the rest will go toward operating and transaction costs. Lead investor SBI Holdings has committed $200 million, with additional support expected from Ripple, Ripple Works, Pantera Capital, Kraken, GSR and others, and these funds are aimed at helping Evernorth build the largest XRP vault on the public market.

Evernorth’s management team is led by long-time Ripple executive Asheesh Birla, who is stepping down from Ripple’s board to become CEO. The move signals that the company will operate independently, despite continued support from Ripple.

If the deal is completed and the funding goes as planned, Evernorth aims to become the largest publicly traded holder of XRP. The company’s model offers treasurers and investors an easy way to gain XRP exposure by purchasing stocks instead of managing wallets, custody, and compliance themselves.

Structures and ETFs: How the wrapper works

Evernorth will not launch a spot ETF. The company is a publicly traded company that plans to hold a significant XRP position on its corporate balance sheet.

Investors will buy shares in Evernorth, and the company will use the net proceeds to directly buy and manage XRP.

The main difference from exchange-traded funds (ETFs) is that ETFs passively track assets. Meanwhile, Evernorth plans to aggressively increase its “XRP per share” over time through standard financial operations. The company also intends to use tactics such as institutional lending, liquidity provisioning, and selected decentralized finance (DeFi) yields, all of which will be managed within clearly disclosed risk controls.

This is important for companies because stocks provide liquidity during market hours and public company disclosure. It also provides transparency through auditing. Furthermore, there is no need to build in-house storage management or wallet operations.

Since this is a stock, returns may differ from spot XRP due to strategy selection, expenses, and stock market pricing. The company presents this variation as a potential source of added value.

Did you know? Ripple has agreed to acquire prime broker Hidden Road in 2025, using RLUSD as collateral for brokered products. The move is part of a broader push by institutional investors into market infrastructure.

Why choose stocks over owning XRP directly?

Its appeal for finance teams lies in its simplicity and security.

Holding crypto tokens directly requires setting up a wallet, choosing a custodian, drafting trading and compliance policies, and training staff. With Evernorth, treasurers can instead purchase publicly traded stocks designed to reflect XRP exposure while providing public company reporting, auditing, and board oversight.

Evernorth also said it would not be a passive holder. The company plans to make its XRP holdings public and work to increase “XRP per share” over time. The company intends to do this primarily through open market purchases and, where appropriate, leveraging institutional financing, liquidity provision, and carefully selected DeFi tools to generate additional yield.

This means it provides XRP exposure through an equity wrapper that trades during market hours and fits into existing management.

This is important for companies that want to take advantage of the Ripple/XRP ecosystem without building an in-house crypto infrastructure.

Did you know? Corporate “crypto assets” already exist, but they are mostly concentrated in Bitcoin (BTC). Around 130 to 160 listed companies, led by Strategy, collectively hold tens of billions of dollars worth of BTC.

How it works: policy, yield, storage, disclosure

Evernorth said the fundamentals will fall into place if the SPAC deal goes through.

How the purchase works

Most of the funds raised will be used to purchase XRP on the open market. Following the SPAC merger, the combined company will be listed on the Nasdaq under the ticker XRPN. This means that the company’s balance sheet and financial policies are subject to standard reporting cycles set by the U.S. Securities and Exchange Commission.

How do we aim to increase yield?

Unlike spot ETFs, Evernorth outlines an active approach. The company has also indicated plans to participate as a validator and use Ripple’s RLUSD stablecoin as a convenient entry point into XRP-denominated activity. All of this is subject to market conditions and successful completion of the transaction.

Who is in charge and how do we maintain independence?

Birla will step down from Ripple’s board of directors and become Evernorth’s CEO. Ripple will continue to be a strategic investor, with Brad Garlinghouse, Stuart Alderroti, and David Schwartz acting as advisors. This structure is designed to maintain ecological coordination while keeping Evernorth’s day-to-day operations independent.

The big question: Can you move XRP in purchases over $1 billion?

In absolute terms, a $1 billion spread over several months is meaningful, but not overwhelming for XRP.

According to Ripple’s latest information for Q1 2025, the average daily spot trading volume of XRP across major venues is approximately $3.2 billion. This suggests that Evernorth will likely adjust the pace of its purchases to minimize slippage. Still, consistent buyers can tighten spreads and add depth as market makers take positions for predictable demand.

Liquidity has improved compared to before. In 2025, Kaiko recorded the highest post-settlement price for XRP on a US exchange, with approximately $116 million in bids and offers within 1% of the market price. In general, the greater the depth, the lower the execution cost and the easier it is for the market to absorb block flows. Price risk is not eliminated, as large clustered orders can still move the market, but gradual accumulation becomes much more manageable.

There are also side effects. If Evernorth successfully goes public, its shares could serve as an “XRP agent” for investors who cannot purchase tokens directly. If the market values ​​the stock at a premium, for example if XRP per share increases, Evernorth could potentially raise additional capital to buy more XRP, creating a reinforcement loop. Conversely, in a risk-off market, the loop may unravel.

Finally, if institutional demand continues to grow through ETF and exchange-traded product (ETP) flows, or index weighting increases, the market structure around XRP will become more supportive. According to Kaiko’s research, indexes other than BTC and ether (ETH) have fared well in markets that include assets such as XRP, which could amplify the influence of large, systematic buyers like Evernorth.

Did you know? When the XRP Ledger was launched in 2012, the total supply of XRP was pegged at 100 billion XRP, and the network is not dependent on mining.

What to see between now and the store closes

The next steps, from regulatory filings to funding structures and execution signals, will demonstrate Evernorth’s readiness to scale its XRP strategy to the public markets. Here are some things to note as the process unfolds:

1. Regulatory procedures: SPAC transactions follow a defined path. We expect the filing of an SEC Form S-4, merger proxy statement and prospectus, followed by a shareholder vote and standard closing conditions for Armada II. Both companies are aiming for financial results in the first quarter of 2026. Once completed, the combined company will be listed on the Nasdaq under the ticker “XRPN.”

2. Funding mechanism: There are two factors that affect how much cash is on the balance sheet. One is the allocation of investment in private equity (PIPE) associated with a merger. The other issue is SPAC shareholder returns. The primary goal is over $1 billion in total revenue, including $200 million from SBI, with additional participation expected from Ripple, Pantera, Kraken, and GSR. The final mix at the end of the transaction will impact Evernorth’s initial ability to purchase XRP.

3. Handbook disclosure: Look at the company’s formal financial policy, which outlines the frequency of its planned purchases, blackout windows, and hedging rules. Expect details on designated custody providers and key performance indicators such as “XRP per share.” The company also mentioned the possibility of participating as a validator and using Ripple’s RLUSD stablecoin as a gateway to XRP-based DeFi. Your submission should make it clear what is actually planned.

4. Human resources and governance: Birla will step down from Ripple’s board of directors and become Evernorth’s CEO. Ripple executives are expected to act as advisors to reflect alignment with the broader ecosystem while maintaining operational independence. The final board and committee structure, including audit and risk, can be found in our Form S-4 filing.

5. Execute signal: After going public, early indicators to keep an eye on include PIPE’s financial details, first disclosed XRP purchases, and quarterly report cadence.

Taken together, these metrics will reveal whether Evernorth is successful in expanding into the large-scale public XRP vaults it outlined.