tl;dr
Evernorth, backed by Ripple, is set to go public via a SPAC merger, aiming to create the largest XRP treasury and reshape institutional crypto investment amid regulatory shifts.
**Evernorth to Go Public via SPAC Merger, Aims to Build Largest XRP Treasury**
In a bold move signaling growing confidence in the crypto market, Evernorth, a digital asset venture backed by Ripple, has announced its plans to go public on the Nasdaq through a merger with Armada Acquisition Corp II (AACI.O). The deal, expected to close in Q1 2026, is projected to raise over $1 billion in proceeds, marking one of the largest crypto-related public listings since 2021. The transaction aligns with the rising trend of cryptocurrency projects leveraging special-purpose acquisition companies (SPACs) to bypass the complexities of traditional initial public offerings (IPOs).
**Focus on XRP and Institutional Growth**
Evernorth’s primary objective is to accumulate XRP, the fifth-largest cryptocurrency by market capitalization, and establish the largest public XRP treasury. This strategy aims to provide institutional investors with regulated exposure to XRP through equity markets, rather than direct token purchases. The move comes amid renewed optimism for Ripple following the resolution of its years-long legal battle with the U.S. Securities and Exchange Commission (SEC). The lawsuit, which accused Ripple of selling unregistered securities, was settled earlier this year, paving the way for increased institutional interest in the crypto space.
The company’s decision to go public also reflects broader regulatory shifts under the Trump administration, which has shown a more favorable stance toward blockchain innovation and digital assets. Asheesh Birla, a former Ripple executive and veteran of the blockchain industry, will lead Evernorth as CEO. Birla, who stepped down from Ripple’s board to take the role, emphasized the firm’s ambition to replicate the institutional asset-management model for XRP, similar to how Ethereum has been approached by other firms.
**Strong Backing and Strategic Vision**
Evernorth’s funding round includes significant support from key players in the crypto and financial sectors. SBI Holdings, a Japanese financial group with ties to SoftBank, is contributing $200 million in exchange for equity. Ripple co-founder Chris Larsen, along with venture capital firms Pantera Capital and Kraken, also participated in the funding. These backers bring extensive experience in digital asset investment and have previously supported blockchain infrastructure projects.
Birla outlined plans for Evernorth to expand through acquisitions and build a dedicated investment team to manage its XRP holdings. The company also aims to explore the integration of XRP-backed assets into traditional capital markets, potentially issuing tokenized assets tied to XRP reserves. This approach could bridge the gap between crypto and conventional finance, offering new avenues for institutional participation.
**Navigating Market Volatility**
Despite the promising outlook, the crypto market remains volatile. Recent trade tensions between the U.S. and China under President Donald Trump triggered a massive sell-off of digital assets, prompting concerns about the resilience of crypto-linked public companies. Analysts warn that further market downturns could pressure newly public crypto ventures. However, Evernorth’s treasury model is seen as a way to stabilize XRP’s long-term presence by mirroring traditional asset management strategies.
As the crypto industry continues to evolve, Evernorth’s SPAC merger represents a pivotal moment for XRP and the broader digital asset ecosystem. By combining institutional backing, strategic acquisitions, and a regulatory-friendly environment, the company aims to redefine how investors engage with cryptocurrency in the public markets.
With its ambitious goals and high-profile partnerships, Evernorth’s journey could set a new precedent for the intersection of blockchain innovation and traditional finance.