Evernorth, backed by Ripple, plans to raise $1B for the largest XRP treasury to boost adoption and go public under ticker XRPN.
Evernorth, supported by Ripple and major institutional investors, has announced plans to raise over $1 billion. The funds will be used to establish the largest XRP treasury to date. 🧙♂️💰
This move will help drive XRP adoption and expand its use in financial markets. The company also plans to go public through a business combination agreement with Armada Acquisition Corp II. 📈✨
Evernorth’s Public Listing and XRP Treasury
Evernorth will go public under the ticker symbol “XRPN” after finalizing its agreement with Armada Acquisition Corp II. The deal will help Evernorth raise over $1 billion, including $200 million from SBI. 🧾💸
Additional investments come from Ripple, Pantera Capital, Kraken, and other notable backers. The funds will be used to purchase XRP, forming the largest institutional XRP treasury. 🏦🧠
JUST IN: Evernorth, backed by Ripple, plans Nasdaq listing to raise over $1 billion for building the largest publicly traded treasury – Reuters.
– Whale Insider (@WhaleInsider)
The company aims to provide liquid and transparent exposure to XRP through a public vehicle. This strategy is designed to boost investor participation in the XRP ecosystem. 🧠⚡
Moreover, the treasury will also enhance the adoption of XRP by supporting its use in various financial sectors, including decentralized finance. 🌐💸
Growth Strategy and Ecosystem Development
Evernorth’s CEO, Asheesh Birla, shared plans to grow the XRP ecosystem beyond price exposure. 🎢📈
The company will focus on deploying the treasury for institutional lending, liquidity provisioning, and DeFi yield generation. These strategies aim to contribute to the long-term growth and utility of XRP while generating returns for investors. 🧠🚀
I’m proud to share that we’ve launched , a first-of-its-kind institutional vehicle built to accelerate XRP adoption. With over a decade of uptime and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption – and Evernorth is built to meet that moment.…
– Asheesh Birla | CEO at Evernorth (@ashgoblue)
Evernorth’s efforts are designed to help expand XRP’s use cases in both traditional finance and decentralized finance. By leveraging established financial techniques, the company plans to drive further adoption of XRP. 📈🧠
Birla believes this approach will benefit both the ecosystem and Evernorth’s shareholders. 🧾💼
Ripple’s Role and Commitment to XRP
Ripple executives, including CEO Brad Garlinghouse, will serve as strategic advisors for Evernorth. 🧙♂️💼
Garlinghouse emphasized Ripple’s commitment to XRP as a global asset for efficient payments. He stated that Evernorth aligns with Ripple’s mission to bring more use cases to the XRP network. 🌍⚡
Chris Larsen, Ripple’s co-founder, noted that Evernorth fills a gap in the market for XRP’s capital and its use in DeFi. 🧠🪙
The establishment of the XRP treasury is expected to bridge this gap and increase XRP’s presence in financial markets. Hence, the transaction between Evernorth and Armada Acquisition Corp II is expected to close in the first quarter of next year, pending shareholder approval. 📅🤝
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2025-10-20 20:35