How Evernorth Plans to Make XRP a $1-billion Corporate Treasury Asset

The Basics: Who is involved, and what is being built?

Evernorth is a newly formed “Digital Asset Treasury” whose main idea is simple: raise a large pool of cash and use most of it to buy and manage XRP.

Instead of requiring companies to hold the token directly, Evernorth aims to offer a publicly traded stock that issues XRP (XRP) exposure through a corporate balance sheet.

To fast track its public debut, Evernorth is Merger with Armada Acquisition Corp. II. If approved by shareholders and regulators, the combined company aims to list on NASDAQ in Q1 2026 under the ticker XRPN.

The funding target is more than $1 billion. Most of that will go to open-market XRP purchases, with a smaller portion earmarked for operational and dealing costs. The anchor investor, SBI Holdings, committed $200 million, with additional backing expected from Ripple.

Evernorth’s board is led by Asheesh Birla, a longtime Ripple executive who stepped down from Ripple’s board to serve as CEO. The move signals that the company will operate independently, although Ripple will continue to support it.

If the deal closes and the funding proceeds as planned, Evernorth aims to become the largest publicly traded holder of XRP. The company’s model provides Treasurers and investors a straightforward way to gain exposure to XRP by purchasing a stock instead of Management of walletskeeping and following themselves.

Structure vs. ETF: How the Wrapper Works

Evernorth is not launching a spot ETF. It is a public company that plans to hold a large XRP position on the corporate balance sheet.

Investors will buy Evernorth shares, and the company will use the net proceeds to buy and manage XRP directly.

The main difference in a Exchange-Traded Fund (ETF) is an ETF that simply tracks assets. Evernorth, on the other hand, intends to actively increase “XRP per share” over time through standard Treasury operations. The Company also intends to use tactics such as institutional lending, liquidity provision and selective decentralized yield (DEFI) yield, all managed within clearly disclosed risk controls.

This is important for corporations because shares provide market-time liquidity and company-public disclosure. They also come with audited transparency. In addition, they eliminate the need to develop in-house custody and wallet operations.

Since it is equity, returns may differ from Spot XRP due to strategy choices, costs and pricing of the equity market. The Company delivers this diversity as a potential source of added value.

do you know Ripple agreed to acquire Prime Broker Hidden Road in 2025, using RLUSD as collateral on broker products. The move is part of a broader push to institutional market infrastructure.

Why choose holding shares directly in XRP

For finance teams, the appeal lies in simplicity and security.

Holding a Crypto tokens It directly requires setting up wallets, choosing a custodian, drafting trading rules and compliance and training staff. With Evernorth, Treasurers can purchase listed shares designed to mirror exposure to XRP while offering public company reporting, auditing and board oversight.

Evernorth also said it will not be a passive holder. The company plans to publish XRP holdings and work to increase “XRP per share” over time. It aims to do this mainly through open market purchases and, where appropriate, using institutional lending, providing liquidity and selected Defi tool to generate additional yield.

In short, it offers exposure to XRP through an equity wrapper that trades on market time and fits within existing controls.

This is important for companies that want exposure to the Ripple/XRP ecosystem without building an in-house crypto infrastructure.

do you know Corporate “crypto treasuries” already exist, but mostly in bitcoin (BTC). Around 130-160 public companies collectively hold tens of billions of dollars worth of BTC, led by the strategy.

The mechanics: policy, yield, safeguards and disclosures

Here’s how Evernorth says the nuts and bolts will work if the spac deal closes.

How the purchase works

Most of the money raised was earmarked for open-market XRP purchases. After the spac merger, the combined company expects to be listed on NASDAQ under the ticker XRPN. This means that the Treasury’s balance sheet and policy will be subject to standard reporting cycles set by the US Securities and Exchange Commission.

How it aims to add yield

Unlike an area ETF, Evernorth outlines an active strategy. The company also indicated plans to participate as a validator and use Ripple’s Rlusd StableCoin as a convenient on-ramp for XRP-denominated activity. All this remains subject to market conditions and the successful completion of the deal.

Who is in charge and how will it remain independent

Birla will step down from Ripple’s board to serve as CEO of Evernorth. Ripple will remain a strategic investor, while Brad Garlinghouse, Stuart Alderoty and David Schwartz are expected to act in advisory capacities. The structure is designed to maintain ecosystem alignment while maintaining Evernorth’s independent operation.

The big question: Can more than $1 billion in purchases move XRP?

In absolute terms, $1 billion spread over several months is significant but not excessive for XRP.

Ripple’s Q1 2025 Update out Average daily spot volume for XRP at nearly $3.2 billion across the top spots. This suggests that Evernorth is likely to accelerate its purchases in minimize slippage. Even so, a consistent buyer can tighten the spread and add depth as market makers position for predictable demand.

Liquidity has improved since earlier years. In 2025, Kaiko recorded A post-settlement high for XRP on US exchanges, with approximately $116 million in bids and offers within 1% of the market price. Greater depth generally lowers execution costs and helps the market absorb block flows. This does not eliminate price risk, as large clustered orders can still move the market, but it makes accumulation more manageable.

There is also a secondary effect. If Evernorth is successfully listed, its stock could become an “XRP proxy” for investors who cannot buy the token directly. If the market values ​​the stock at a premium, for example, if XRP per share increases, Evernorth can raise additional capital and buy more XRP, creating a reinforcing loop. Conversely, in risk markets, that loop can relax.

Finally, if institutional demand continues to grow through ETFs and exchange-traded products (ETPs) or index weights increase, the market structure around XRP becomes more supportive. Kaiko’s research shows that indices beyond BTC and ether (Eth) has performed strongly in markets where assets like XRP are included, which could amplify the impact of any large, systematic buyer like Evernorth.

do you know The total supply of XRP was fixed at 100 billion XRP when the XRP ledger was launched in 2012, and the network does not rely on mining.

What to watch for between now and closing

From filing regulations to funding mix and execution signals, the next phase will show how ready Evernorth is to scale the XRP strategy in the public markets. Here’s what to watch as the process unfolds.

1. Regulatory Steps: SPAC deals follow a defined path. Expect an SEC Form S-4, the Merger Proxy and Prospectus, followed by an Armada II shareholder vote and customary closing conditions. The companies are targeting a Q1 2026 close. If completed, the combined entity plans to list on NASDAQ under the ticker “XRPN.”

2. Funding mechanics: These two factors influence how much cash lands on the balance sheet. One is private investment in public equity allocations (pipes) tied to integration. The other is spac shareholder redemptions. The headline target is more than $1 billion in gross revenue, including $200 million from SBI, with additional participation expected from Ripple, Pantera, Kraken and GSR. The final closing mix will affect Evernorth’s initial capacity to purchase XRP.

3. Playbook Disclosure: Watch for a formal Treasury policy outlining how often the company plans to buy, any blackout windows and the hedging rules. Expect details on the named care provider and key performance indicators like “XRP per share.” The company also mentioned potential validator participation and the use of RIPPLE’s RLUSD StableCoin as an on-ramp to XRP-based defi. The filings must clarify what is actually planned.

4. People and management: Birla will step down from Ripple’s board to serve as Evernorth’s CEO. Ripple executives are expected to act as advisors, reflecting alignment with the broader ecosystem while maintaining operational independence. Look for the final board slate and committee structure, including audit and risk, in the Form S-4 filing.

5. Execution signals: After the list, early indicators to watch will include the details of the pipe close, the first disclosed purchases of XRP and the rhythm of the quarterly reports.

Together, these indicators will reveal whether Evernorth has successfully scaled the large public XRP Treasury it has outlined.