Ripple Backs $1B Evernorth Project to Build the Largest XRP Treasury

Evernorth, a new XRP-focused company, plans to raise over $1 billion and go public on Nasdaq through a merger with Armada Acquisition Corp II. CEO Brad Garlinghouse has confirmed support for the initiative. This shows Ripple’s strong support for XRP and its goal to reach a wider place in the financial market.

Evernorth Sees Strong Backing from Global Investors

While Ripple is a key supporter, the initiative goes beyond the company’s direct control. The Japanese SBI Group is leading the fundraising with a $200 million investment commitment. Other major investors include Pantera Capital, Kraken, GSR, and Rippleworks, showing wide institutional confidence in the project.

Ripple’s cofounder Chris Larsen is also taking part, and Ripple itself will serve as a strategic investor. In addition, Ripple executives Brad Garlinghouse, Chief Legal Officer Stuart Alderoty, and CTO David Schwartz will act as advisers to Evernorth. This is to help guide the company’s strategy and growth.

Evernorth will be led by Asheesh Birla, a former Ripple executive, who brings deep experience from his years working with Ripple’s products and partnerships. Birla said Evernorth will work as an active treasury that uses XRP, not just holds it.

Evernorth’s Bold Plan to Build the World’s Largest XRP Treasury

Evernorth’s main goal is to use most of the funds it raises to buy XRP directly from the open market. 

This would make it the largest institutional treasury in the world dedicated to XRP. The company plans to use the remaining funds for corporate needs and transaction costs, ensuring smooth operations after the merger.

As announced, the deal is expected to close in the first quarter of 2026, after which the new company will trade under the ticker symbol XRPN. The move shows growing interest in XRP among institutional investors. It could also help improve the cryptocurrency’s liquidity, stability, and long-term adoption.

Ripple Backs Evernorth to Boost XRP’s Growth and Global Reach

Both Ripple and Armada Acquisition Corp II have approved the plan, marking an important step in XRP’s growth among major investors. If completed, Evernorth will be the first public company focused on buying, managing, and using XRP on a large scale.

The company plans to grow XRP’s use through lending, liquidity programs, and decentralized finance (DeFi) projects. Birla said the goal is to give investors steady returns while helping XRP become more useful in global finance.

For Ripple, this project is a chance to strengthen its role in the XRP ecosystem and build a clearer, more stable path for long-term growth. As Evernorth prepares for its 2026 launch, many are watching to see how it shapes the future of XRP in global finance.