Evernorth plans 1 billion for XRP treasury: Towards new heights!

Evernorth plans 1 billion for XRP treasury: Towards new heights!

On October 20, 2025, in a significant move for the cryptocurrency industry, Evernorth Holdings plans to go public through a merger with Nasdaq-listed Armada Acquisition Corp (AACI). This merger aims to raise $1 billion to establish a digital asset treasury focused on the accumulation of XRP assets. The list of major investors includes SBI Holdings, which contributed $200 million, as well as Ripple, Chris Larsen, Pantera Capital, Kraken and GSR.

The majority of net funds from the merger will be used for the open market to purchase XRP, which will result in the creation of an institutional XRP custody account. The remaining funds will be used to support operations and corporate initiatives. Evernorth CEO Asheesh Birla explained that the strategy aims to generate returns for shareholders while driving the utility and adoption of XRP.

Details about the merger and future plans

The combined entity will operate under the name Evernorth and will be listed on the Nasdaq under the ticker symbol XRPN. The merger was unanimously approved by the boards of directors of both companies and is expected to close in the first quarter of 2026, subject to regulatory and shareholder approvals. Ripple executives, including CEO Brad Garlinghouse, will serve as strategic advisors to ensure alignment with the XRP ecosystem remains.

Evernorth plans to operate XRP validators and integrate Ripple’s RLUSD stablecoin to provide access to XRP-based DeFi (Decentralized Finance). The company's goals also include providing liquidity and supporting projects aimed at expanding XRP's applications in global markets.

Market development and XRP performance

At the time of publication, XRP was trading at $2.51, up nearly 5% in the last 24 hours. Evernorth's plans and associated investments could have the potential to significantly impact the XRP market as they drive institutional adoption and adoption.

In summary, the merger between Evernorth Holdings and Armada Acquisition Corp aims to fundamentally transform and expand the market for digital assets, particularly XRP. FXStreet reports on the significance of these developments and the potential impact on the industry.