Evernorth to Go Public via $1 Billion SPAC Merger

Evernorth, a Ripple-backed startup, will go public on Nasdaq via a merger with Armada Acquisition Corp II, raising over $1.00 billion, expected to close by Q1 2026.

This move, bolstered by SBI’s $200 million investment, establishes Evernorth as a major XRP management firm, accelerating XRP’s institutional adoption and impact on digital asset markets.

Evernorth’s $1 Billion Merger to Amp Up XRP Adoption

Evernorth has revealed plans to merge with SPAC Armada Acquisition Corp II, a move expected to generate over $1 billion. Japan’s SBI commits $200 million. CEO Asheesh Birla aims to steer Evernorth to scale XRP institutional use.

This merger aligns with plans to build the largest XRP treasury, contributing to the broader institutional adoption. Immediate implications include increased market interest and strategic partnerships potentially boosting XRP’s presence.

CEO Asheesh Birla expressed, “Evernorth is built to provide investors more than just exposure to XRP’s price. As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.” Source.

Ripple’s Brad Garlinghouse supports the leadership shift, stating confidence in Asheesh Birla’s ability to increase XRP’s capital market presence. The market has largely viewed this announcement positively with enthusiastic speculation on XRP’s growing role.

XRP’s Market Influence: Expert Insights and Historical Parallels

Did you know? Evernorth’s move to actively manage XRP recalls strategies similar to Grayscale’s efforts for Bitcoin, which historically unlocked new institutional interest.

According to CoinMarketCap, XRP currently trades at $2.48 with a market cap of $148.47 billion. Recent data shows a 2.69% increase over the past day amidst broader market fluctuations. Notably, XRP has seen mixed performance with a significant drop of 30.56% over 90 days.

Coincu research emphasizes the potential regulatory ripple effects post Ripple’s resolution of major lawsuits, contributing to a clearer institutional framework. This could strengthen Evernorth’s strategic goals, aligning with broader cryptocurrency market growth.