Evernorth to Raise $1 Billion for the Largest XRP Treasury

Evernorth is planning to raise over $1 billion by merging with Armada Acquisition Corp II, with the goal of establishing the largest institutional XRP treasury. The majority of the proceeds will be used for open-market XRP purchases, with the remainder allocated to working capital. Evernorth is designed as a publicly listed vehicle offering institutional investors active exposure to XRP, pursuing yield through accumulation, lending, liquidity provision, and DeFi strategies, unlike a passive ETF. The venture, led by former Ripple executive Asheesh Birla, has secured commitments including $200 million from SBI Holdings, alongside investments from Ripple, Pantera Capital, Kraken, and GSR. The company also plans to strengthen the XRP Ledger by running validators and integrating Ripple's RLUSD stablecoin. The transaction is expected to close in Q1 2026, pending approvals, and the combined entity will list on Nasdaq as XRPN.

(Source：BeInCrypto)