Transaction will create the largest public XRP treasury company
Evernorth Holdings Inc., a newly formed Nevada corporation, has officially launched to expand XRP adoption on an institutional scale. The company also announced a business combination agreement with Armada Acquisition Corp II , a publicly traded special purpose acquisition company. Once the deal closes, the merged entity will operate under the Evernorth name and trade on Nasdaq under the ticker symbol XRPN.
The transaction is expected to raise over $1 billion in gross proceeds, including $200 million from SBI and strategic investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen, among others. Most of these funds will go toward open-market XRP purchases to establish the world’s leading institutional XRP treasury, with the remainder supporting operations, working capital, and general corporate needs.
Evernorth aims to provide investors with simple, liquid, and transparent exposure to XRP through a publicly listed vehicle, while also seeking to grow XRP holdings over time by participating in institutional lending, liquidity provisioning, and decentralized finance yield opportunities. Unlike a passive ETF, the company’s model bridges traditional finance and DeFi, creating a sustainable yield-generating ecosystem built around XRP’s proven infrastructure.
According to Asheesh Birla, CEO of Evernorth, the company is built to provide investors more than just exposure to XRP’s price. He explained that Evernorth plans to leverage both traditional and decentralized finance strategies to generate returns for shareholders while fueling XRP’s ecosystem growth. This approach, he said, creates a mutually beneficial model that strengthens both investor portfolios and the broader digital asset network.
Financial Technology Insights: Evercore Appoints Ovadiah Jacob as Senior Managing Director
XRP itself offers a unique position in the digital asset market, backed by more than a decade of uptime, deep liquidity, and recognized regulatory clarity in the United States. It powers global payment solutions and now anchors a growing DeFi ecosystem, making it particularly well-suited for institutional adoption.
Evernorth’s leadership team brings together experienced professionals from both traditional and blockchain-based finance. The company is led by Asheesh Birla, a former senior executive at Ripple who was instrumental in building its cross-border payments business. Joining him are Matthew Frymier as Chief Financial Officer, Meg Nakamura as Chief Operating Officer, Jessica Jonas as Chief Legal Officer, and Sagar Shah as Chief Business Officer. Together, they combine extensive experience in capital markets, compliance, and financial management.
Financial Technology Insights: Altimetrik Appoints Gautam Samanta as Chief Commercial Officer
Ripple remains a strategic investor, and executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will serve as advisors to Evernorth. This collaboration ensures alignment with the XRP ecosystem while maintaining the company’s operational independence. Brad Garlinghouse, CEO of Ripple, stated that Evernorth is deeply aligned with Ripple’s mission of advancing global payments through digital assets. He expressed confidence in Asheesh Birla’s leadership, noting that this initiative will bring more participation, utility, and confidence to XRP’s ecosystem.
Financial Technology Insights: Proof Launches Digital Credential Solution for Compliance
With strong financial backing, experienced leadership, and a forward-looking strategy, Evernorth is positioned to become a cornerstone of institutional XRP adoption. By bridging traditional finance with emerging blockchain opportunities, the company is set to redefine how investors access and benefit from digital asset markets on a global scale.
To share your insights with the FinTech Newsroom, please write to us at sudipto@intentamplify.com