Evernorth to merge with Armada II to raise $1B for XRP treasury

Evernorth Holdings said it will go public through a merger with Armada Acquisition Corp. II and seek more than $1 billion in gross proceeds to build what it describes as the world’s largest institutional XRP treasury. The combined company expects to list on Nasdaq under the ticker XRPN and aims to complete the transaction in the first quarter of 2026, subject to shareholder approval and regulatory clearance.

The company said the capital raise includes a $200 million commitment from Japan’s SBI Holdings and additional backing from Ripple, Pantera Capital, Kraken and GSR, with Ripple cofounder Chris Larsen also participating as an investor. Evernorth said most of the proceeds will be used for open market purchases of XRP, with a smaller portion allocated to working capital, transaction expenses and ecosystem development. Both companies’ boards have unanimously approved the merger, Evernorth added.

Evernorth plans to offer investors active exposure to XRP through a publicly traded vehicle rather than a passive exchange traded fund. The firm intends to increase XRP per share by deploying capital into institutional lending, liquidity provision and decentralized finance yield...