Although still subject to regulatory approvals and shareholder votes, Evernorth Holdings has revealed a definitive plan to bring an actively managed, institutional-grade vehicle for XRP to the public markets, proposing a SPAC merger with Armada Acquisition Corp II that would list the company on Nasdaq under the ticker XRPN. The proposed transaction, unanimously approved by both boards, positions Evernorth as a specialized issuer whose core business model is to provide simple, liquid, and transparent exposure to XRP for institutional investors, distinguishing itself from passive products by employing active treasury and market strategies. Leadership under former Ripple executive Asheesh Birla signals continuity with the broader XRP ecosystem, and strategic backers including Ripple, Rippleworks, SBI Holdings, Pantera Capital, Kraken, and GSR lend both capital and market credibility. The financing plan aims to generate over $1 billion in gross proceeds, with a cornerstone $200 million commitment from SBI Holdings and additional investments from the other announced backers, funds that will primarily be allocated to open-market purchases of XRP. A portion of proceeds is earmarked for working capital and general corporate purposes, and transaction-related expenses will be covered as part of the closing. Armada Acquisition Corp II class A shares are set to convert on a one-for-one basis into Evernorth class A shares, subject to customary closing conditions, regulatory approvals, and shareholder ratification, with the parties targeting deal closure in the first quarter of 2026. Evernorth’s strategic objectives include assembling what it describes as the world’s leading institutional XRP treasury, expanding institutional lending programs to increase XRP per share, providing market liquidity, and exploring DeFi yield opportunities where prudent. The company frames active management as a competitive advantage, enabling dynamic allocation and risk management across spot holdings, lending, and liquidity provisioning, while also seeking to advance the broader XRP ecosystem through measured engagement. Market impact could include elevated institutional adoption and greater visibility for XRP through a listed vehicle that trades under XRPN on Nasdaq, contingent on approvals. Uncertainties remain, especially regulatory conditions and market reception, but the structure and investor base indicate a concerted effort to institutionalize XRP exposure within public markets. In addition, Evernorth has stated it is forming the company as a Nevada corporation to pursue its Nasdaq listing and governance structure, highlighting its Nevada corporate formation. The transaction is also expected to include separate private placement transactions, including investments from strategic partners and leading digital asset investors such as SBI. This initiative may resonate with institutions increasingly interested in scalable decentralized innovation as seen in other crypto projects.
