Ripple-Backed Evernorth Raises Over $1 Billion for Institutional XRP Exposure

Evernorth is launching publicly via a SPAC deal, raising more than $1 billion to build “the largest institutional XRP treasury in the world.”

Evernorth Holdings Inc., a newly formed Nevada company that aims to enable the institutional adoption of Ripple (XRP), has officially launched and closed a business combination agreement with Armada Acquisition Corp II, a publicly traded special purpose acquisition company (SPAC).

The company said it will combine public market access with an active treasury model to provide a unique bridge to institutional investors seeking regulated, scalable exposure to crypto assets.

Once the transaction closes, the combined company will operate as Evernorth and is expected to trade on Nasdaq under the ticker symbol “XRPN,” pending standard listing requirements.

Evernorth’s XRP Treasury vehicle

According to the press release shared with CryptoPotatoThe deal is expected to generate more than $1 billion in gross proceeds. This includes $200 million from SBI and additional investments from Ripple Labs and Rippleworks, a charitable foundation that supports social impact businesses. Other prominent digital asset and fintech investors include Pantera Capital, Kraken and GSR. Ripple co-founder Chris Larsen will also participate.

The net proceeds will primarily be used to purchase XRP on the open market to set up a large institutional treasury for the crypto asset. Some of the money will be allocated to working capital, operations and transaction-related costs.

Unlike a traditional passive ETF, Evernorth plans to grow its XRP holdings per share over time by dabbling in institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities.

Asheesh Birla, CEO of Evernorth, said in a statement.

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“Evernorth is built to provide investors with more than just exposure to the price of symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”

Betting on XRP

Last week, London-based VivoPower International raised $19 million in new equity at $6.05 per share in an effort to expand its XRP treasury strategy. The funds will support debt reduction and boost the company’s long-term XRP holdings.

Previously, VivoPower worked with Doppler Finance on a $30 million XRP deployment, which is part of a planned $200 million allocation. Additionally, the company has been testing Ripple’s RLUSD stablecoin for cross-border payments within its Tembo EV unit for faster settlements and lower fees.