Key Insights:
- Evernorth will merge with Armada Acquisition to go public and raise over $1 billion.
- The crypto firm aims to build the largest public XRP treasury for institutional market access.
- Backed by Ripple, with investors like SBI, Pantera, and Kraken joining the funding round.
Evernorth, backed by blockchain firm Ripple, will go public through a merger with Armada Acquisition Corp II. The company plans to raise over $1 billion, with the deal expected to close in the first quarter of 2026. The funds will be used to build a large publicly traded XRP treasury.
This move comes at a time when digital asset ventures are expanding into public markets, aiming to offer traditional investors structured access to crypto-related holdings.
Focus on XRP as Core Asset
Evernorth plans to accumulate XRP, the token connected to Ripple, as its primary holding. According to CoinGecko, XRP is the fifth-largest cryptocurrency by market value. Evernorth says the treasury will be built around this asset.
The company has said the structure will allow investors to access XRP through regulated channels. Full details of how the treasury will operate have not been shared, but the focus remains on holding XRP as a long-term reserve.
Investors and Legal Context
Evernorth’s effort is backed by SBI Holdings, Pantera Capital, and Kraken, all active players in digital asset markets. These firms have been involved in previous XRP-related initiatives or have supported Ripple-backed projects.
This development follows the end of a legal case involving Ripple and the U.S. Securities and Exchange Commission. A federal court resolved the matter earlier this year without declaring XRP a security when sold to institutions. The outcome removed uncertainty around XRP in the U.S. market.
Market Environment
The Evernorth listing comes after a sharp decline in digital asset prices earlier this month. That drop followed public comments from President Donald Trump on trade policy toward China, which triggered broad selling across risk markets.
The Evernorth deal signals ongoing interest in combining crypto asset exposure with public equity structures. As more firms explore this model, Evernorth is positioning itself around a single asset focus: XRP.
A company spokesperson stated the treasury could serve as a “long-term vehicle for institutional XRP exposure,” though added that details may change based on market conditions.
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Source: https://coincu.com/press-release/ripple-backed-evernorth-to-raise-1b/