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- Evernorth to go public via SPAC, allocating $1B+ to XRP purchases.
- Active investment model targets DeFi yields and XRP utility.
- XRP price jumps 2.4% amid strong institutional adoption signals.
Evernorth Holdings Inc. announced on October 20 that it will go public through a SPAC merger with Armada Acquisition Corp II. The transaction, approved unanimously by both boards, is set to generate over $1 billion in gross proceeds, the majority of which will be used to purchase XRP on the open market. Once completed, Evernorth will trade under the ticker “XRPN” on Nasdaq, offering investors a regulated avenue for liquid exposure to XRP. The deal is expected to close in the first quarter of 2026, pending standard regulatory and shareholder approvals.
Strategic Backing from Major Crypto Players
The SPAC deal comes with strong industry support, led by SBI Holdings, which committed $200 million to the funding round. Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen are also backing Evernorth’s initiative. Ripple CEO Brad Garlinghouse and other executives will serve as strategic advisors, maintaining a bridge to the XRP ecosystem while allowing Evernorth operational independence.
Asheesh and team are building something special with @evernorthxrp. We are proud to partner with him — and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… https://t.co/qeAqXtmQcV
— Brad Garlinghouse (@bgarlinghouse) October 20, 2025
Active Investment Model Focused on DeFi Yields
Unlike a traditional passive ETF, Evernorth plans to actively grow XRP holdings through lending, liquidity provisioning, and DeFi yield generation. The firm aims to create shareholder returns while enhancing XRP’s utility, including participating in validator roles and integrating with Ripple’s RLUSD stablecoin. This active approach positions Evernorth as a dynamic institutional player in the rapidly evolving XRP ecosystem.
Also Read: XRP Could Hit New All-Time High by Late October, Predicts Analyst After Bitcoin Peak
Market Reaction: XRP Gains Momentum
The announcement triggered a 2.4% increase in XRP’s price over 24 hours, according to CoinMarketCap, highlighting growing institutional interest amid a broadly neutral crypto market. While other firms have allocated balance sheets to XRP—VivoPower ($100M), Nature’s Miracle Holding ($20M), Hyperscale Data ($10M)—Evernorth’s public initiative will be the largest focused exclusively on the coin, signaling a shift in how public companies view crypto assets as treasury reserves.
Evernorth’s $1 billion XRP treasury underscores the increasing integration of blockchain tokens into institutional investment strategies. With strategic guidance from Ripple’s leadership and an active yield-focused model, Evernorth is poised to set a new standard for regulated, liquid crypto investment in the U.S.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
