Evernorth to Build World’s Largest Institutional XRP Treasury via $1B SPAC Merger

Key Notes

• SBI Holdings leads a $200 million dedication alongside Ripple, Pantera Capital, and Kraken, with Brad Garlinghouse serving as strategic advisor.
• The corporate will actively handle XRP holdings by institutional lending and DeFi yield era quite than working as a passive ETF automobile.
• Evernorth’s $1 billion dedication dwarfs current company XRP treasuries like VivoPower’s $100 million and Nature’s Miracle’s $20 million allocations.

On October 20, Evernorth Holdings Inc. introduced it’ll go public by way of a SPAC merger with Armada Acquisition Corp II. The corporate goals to construct the world’s largest institutional XRP

XRP
$2.49



24h volatility:
3.9%


Market cap:
$149.47 B



Vol. 24h:
$4.27 B



treasury. Each firms’ boards unanimously authorised the transaction, which can generate over $1 billion in gross proceeds.

The brand new firm will allocate most of those proceeds to buy XRP on the open market. Upon closure, Evernorth will commerce as “XRPN” on Nasdaq, pending normal approvals, and can present traders a regulated automobile for liquid publicity to XRP. The transaction is anticipated to shut within the first quarter of 2026, topic to regulatory and shareholder approvals.

SBI Holdings Leads $200 Million Funding Spherical

Many firms are backing this initiative, the principal is SBI Holdings, who will energy the fundraising with a $200 million dedication. Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen, are becoming a member of the hassle.

Ripple’s CEO Brad Garlinghouse and key executives tackle strategic advisory roles to Evernorth, fostering operational independence whereas maintaining sturdy connections with the XRP ecosystem, according to the press release.

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Asheesh and workforce are constructing one thing particular with @evernorthxrp. We’re proud to associate with him — and proud to affix an unimaginable set of traders together with SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to help Evernorth because it participates in institutional… https://t.co/qeAqXtmQcV

— Brad Garlinghouse (@bgarlinghouse) October 20, 2025

Lively Funding Technique Targets DeFi Yields

Evernorth is not going to function as a passive ETF however as an lively funding automobile. Its mannequin actively will increase XRP per share by institutional lending, liquidity provisioning, and DeFi yield era.

The corporate seeks to create shareholder returns and improve XRP’s utility by collaborating in validator tasks and integrating with Ripple’s RLUSD stablecoin.

XRP Value Jumps 2.4% as Institutional Adoption Grows

The announcement drove XRP’s worth up 2.4% over 24 hours, according to CoinMarketCap. Whereas the broader crypto market stays impartial, XRP stands among the many day’s prime gainers.

A number of corporations allocate a part of their steadiness sheet to XRP, however Evernorth’s public effort would be the largest centered completely on the asset. We are able to make some comparability with a few of the extra well-known:

These corporations made giant however smaller strikes than Evernorth’s $1 billion-plus open-market purchase and managed construction. The development exhibits public firms more and more utilizing blockchain tokens as reserves. XRP’s rising DeFi ecosystem and regulatory readability, with the Ripple lawsuit over, help its enchantment.

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