Evernorth: A New Frontier in XRP Exposure for Investors

Evernorth is set to become a significant player in the cryptocurrency space by establishing a "digital asset treasury" focused on XRP. The company's model allows investors to gain exposure to XRP through publicly traded shares instead of having to manage tokens directly. By merging with Armada Acquisition Corp. II, Evernorth aims to raise over $1 billion and become the largest publicly traded holder of XRP.

Key Takeaways

Evernorth plans to build a large XRP treasury by merging with Armada Acquisition Corp. II.
Investors can buy shares of Evernorth to gain exposure to XRP without direct token management.
The strategy includes open-market purchases and various treasury operations designed to enhance shareholder value.
Regulatory approval is required for the merger to proceed, with a target listing on Nasdaq by Q1 2026.
Evernorth aims to maintain operational independence while receiving support from Ripple.

Who's Involved and What’s Being Built?

Evernorth is a newly created "digital asset treasury" with a straightforward vision: to collect a substantial amount of capital and primarily use it to acquire and manage XRP. Instead of compelling companies to directly hold the token, Evernorth offers a publicly traded stock, allowing for XRP exposure via a corporate balance sheet.

To advance its public offering, Evernorth is merging with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC). If the shareholders and regulators agree, the new entity aims to list on Nasdaq in Q1 2026 under the ticker XRPN. The funding goal is over $1 billion, with most capital going toward buying XRP on the open market, and a smaller share allocated for operational expenses. An initial investment of $200 million comes from anchor investor SBI Holdings, with further financial backing expected from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and others. This funding is aimed at establishing one of the largest XRP holdings on public markets.

Asheesh Birla, a veteran executive from Ripple, will lead Evernorth as CEO, indicating the company's intent to operate independently while still receiving support from Ripple. If the merger succeeds and the funding is secured, Evernorth could become the largest publicly traded XRP holder, presenting a simpler method for treasurers and investors to gain XRP exposure through stock purchases instead of managing wallets and compliance.

How Evernorth Differs from ETFs

It’s essential to understand that Evernorth is not launching a spot exchange-traded fund (ETF). Instead, it is a public company intending to hold a significant amount of XRP on its corporate balance sheet. Investors will buy shares of Evernorth, and the revenue generated will be used to directly manage and purchase XRP.

The key distinction from an ETF is that while ETFs passively track an asset, Evernorth plans to actively enhance “XRP per share” over time through standard treasury operations. This may involve strategies like institutional lending, liquidity provisioning, and selected decentralized finance (DeFi) yield, all managed within clearly defined risk controls.

This structure is beneficial for corporations, as shares offer liquidity during market hours and adhere to public company regulations, including audited transparency. Additionally, this removes the necessity of establishing in-house wallet and custody operations, while returns can vary from direct XRP holdings due to strategic choices and equity market influences.

The Appeal of Shares versus Direct XRP Holdings

For financial teams, the simplicity and security offered by Evernorth are attractive. Directly holding a cryptocurrency requires establishing wallets, picking custodians, creating trading and compliance policies, and training personnel. With Evernorth, treasurers can simply purchase shares designed to reflect XRP exposure while also benefiting from public reporting, audits, and board oversight.

Evernorth emphasizes that it will not merely hold XRP passively. The company aims to publish its holdings and seek to increase "XRP per share" over time primarily through market purchases, and to employ institutional lending and select DeFi strategies to yield additional returns. This provides a way to obtain XRP exposure without the need to develop internal crypto infrastructure.

Operational Framework: Policies, Yield, Custody, and Transparency

Here's how Evernorth plans to function if the SPAC merger gets approval. The majority of the funds raised will be designated for purchasing XRP on the open market. After merging with Armada II, the company expects to be listed on Nasdaq under the ticker XRPN, which subjects its balance sheet and treasury policies to standard reporting as mandated by the U.S. Securities and Exchange Commission.

Evernorth adopts an active approach that contrasts with a spot ETF. Plans include participating as a validator and utilizing Ripple’s RLUSD stablecoin as a method for XRP-based activities. However, all plans will depend on favorable market conditions and the successful merger completion.

Asheesh Birla's transition from the Ripple board to serving as Evernorth’s CEO ensures that Ripple remains a strategic investor while retaining advisory roles for Ripple’s executives. This setup aims to align the broader ecosystem while maintaining operational autonomy for Evernorth.

Can $1 Billion in Purchases Affect XRP?

In terms of sheer numbers, a $1 billion investment spread across several months is significant but not overwhelming for XRP. Ripple's Q1 2025 update indicates an average daily spot trading volume of approximately $3.2 billion for XRP across leading platforms. Therefore, Evernorth will likely manage its purchasing pace to minimize price impacts. However, having a regular buyer can help tighten price spreads and increase market depth as liquidity providers anticipate consistent demand.

Market liquidity has improved over the years. In 2025, Kaiko reported that XRP on U.S. exchanges reached a post-settlement high, with roughly $116 million in bids and offers within a 1% price range. Better liquidity typically reduces execution costs and assists the market in absorbing block transactions, though it doesn't eliminate price volatility entirely. On the upside, if Evernorth successfully lists, its stock could serve as an “XRP proxy” for investors unable to buy the token directly, potentially allowing for capital raising and increased XRP purchases.

Furthermore, growing institutional interest driven by ETF and exchange-traded product (ETP) inflows or rising index participation may create a more favorable market environment for XRP. Research from Kaiko suggests that assets like XRP perform better in markets where they are included in indexes, which could amplify the influence of methodical entrants like Evernorth.

What to Monitor Until the Deal Closes

From regulatory filings to funding strategies and execution signs, the upcoming phase will demonstrate how ready Evernorth is to launch its XRP strategy in public markets. Here's what to keep an eye on as the process advances:

Regulatory Developments: SPAC mergers are subject to defined procedures. Expect filings such as SEC Form S-4, the merger proxy, and prospectus, followed by a vote from Armada II's shareholders and standard closing conditions. The target is a merger completion by Q1 2026, with an aim to list on Nasdaq as XRPN.

Funding Structure: Two main factors will determine the capital available: private investments in public equity (PIPE) associated with the merger and SPAC shareholder redemptions. The overall aim is to secure more than $1 billion in total proceeds, including the significant investment from SBI and anticipated participation from Ripple, Pantera, Kraken, and GSR. The final closing mix will impact Evernorth's capacity to purchase XRP at inception.

Treasury Policy: Look for a detailed treasury policy that defines the frequency of XRP purchases, any blackout periods, and risk management rules. Information on custody providers and performance metrics like "XRP per share" should also be part of these disclosures. Moreover, expect updates on potential validator roles and the use of Ripple’s RLUSD stablecoin for DeFi activities.

Leadership and Governance: Asheesh Birla's departure from Ripple's board to lead Evernorth as CEO is critical. Ripple executives will likely remain as advisors, highlighting alignment with the larger ecosystem while ensuring operational independence. Watch the final board and committee structure in the S-4 filing.

Execution Indicators: Early signals post-listing will include PIPE completion facts, initial XRP purchases, and quarterly report timelines. Collectively, these indicators will unfold whether Evernorth can realize its vision of becoming a large public XRP treasury successfully.