TLDR
- Evernorth plans to raise $1B through a Nasdaq SPAC merger to build an XRP treasury.
- Ripple-backed Evernorth aims to become the largest institutional XRP treasury.
- Evernorth will use IPO funds to grow XRP’s adoption in global finance.
- Ripple’s involvement strengthens XRP’s role in traditional financial markets.
Evernorth, a Ripple-backed venture, is set to go public with a $1 billion Nasdaq listing through a SPAC merger with Armada Acquisition Corp II. This move is aimed at building the largest XRP treasury, marking a major step in the institutional adoption of XRP in treasury management. The plan highlights the growing interest in crypto assets as a significant part of traditional financial systems.
Evernorth’s Nasdaq SPAC Deal
Evernorth’s public listing plan comes as part of a larger effort to accumulate XRP tokens, with the funds from the $1 billion Nasdaq listing expected to establish a major public treasury dedicated to the digital asset. The deal, structured through a SPAC (Special Purpose Acquisition Company) merger, is set to position Evernorth as a key player in the financial management of digital assets.
CEO Asheesh Birla, a former Ripple executive, is stepping down from his position at Ripple to lead Evernorth’s operations. He stated that Evernorth aims to mirror Ethereum’s ecosystem by focusing on building an institutional asset-holding structure for XRP. The company plans to use the raised funds to strengthen its investment team and explore acquisition opportunities to expand XRP’s institutional presence.
Expanding XRP’s Role in Traditional Finance
Ripple’s broader strategy to integrate XRP into traditional finance has gained momentum, especially following the resolution of a long-standing lawsuit with U.S. regulators. With the regulatory cloud lifted, Ripple and its affiliates are intensifying efforts to boost XRP’s adoption in mainstream financial markets. Evernorth’s listing is seen as an important move in Ripple’s quest to expand the use of XRP in global finance.
Evernorth’s goal is to become the largest XRP treasury by acquiring a substantial amount of the digital asset. The treasury will be used to facilitate various financial operations, offering a new model for institutional adoption of cryptocurrencies. Ripple’s support and involvement in Evernorth’s venture underscore its commitment to fostering XRP’s integration into global financial infrastructure.
Market Trends and Investor Support
The SPAC merger trend has seen a resurgence, especially in the cryptocurrency sector. In 2025, SPACs made up a significant portion of IPOs, reflecting renewed investor interest in crypto ventures. Evernorth’s move comes at a time when investors are showing more confidence in crypto assets as long-term financial instruments.
Evernorth has attracted major backers, including Ripple co-founder Chris Larsen, Pantera Capital, Kraken, and Japanese investment group SBI. SBI has committed $200 million to the initiative, reflecting a growing commitment from established financial players in the cryptocurrency space. These backers will help Evernorth position XRP as a key asset in treasury management for large institutional clients.
Future Plans and Acquisition Strategy
Evernorth’s management plans to use the raised capital to build a team focused on securing acquisitions that strengthen XRP’s institutional role. The firm’s CEO, Asheesh Birla, emphasized the importance of integrating XRP into various financial structures, providing a roadmap for further growth and adoption.
The public debut of Evernorth signals an increasing acceptance of digital assets in mainstream finance. It also demonstrates that despite the challenges faced by the cryptocurrency market, institutional investors are beginning to see value in crypto assets like XRP. As the company moves forward with its plans, it will continue to push for greater integration of XRP into global financial markets.
