Evernorth, a new XRP treasury vehicle, has announced plans to raise over $1 billion and pursue a Nasdaq listing through a merger with Armada Acquisition Corp II. This initiative is designed to operate similarly to Strategy, but exclusively for XRP, with the core objective of absorbing supply from the open market and establishing itself as a long-term institutional holder of the cryptocurrency. The combined company is anticipated to commence trading under the ticker XRPN upon the deal's expected closure in Q1 of 2026. The net proceeds from this fundraising will primarily be allocated to acquiring XRP on the open market, aiming to create the largest institutional treasury dedicated to this specific digital asset, with additional funds covering corporate purposes and transaction costs.

Initial speculation surrounded the involvement of Ripple’s chief technology specialist, David Schwartz, with reports suggesting he would “join” the project. Schwartz promptly clarified his role, stating that while he would advise the venture, he is not making any commitments that would place significant demands on his daily schedule beyond the current year. This clarification is crucial given his previous announcement about stepping down from his CTO role to take a break from active business and focus on family, though he maintains his connection to Ripple through its board of directors. For XRP holders, this nuance signifies that Schwartz is lending his expertise without abandoning his existing post or personal plans.

Another significant Ripple executive, Asheesh Birla, is also transitioning to a pivotal role within Evernorth. Birla is stepping down from Ripple’s board to serve as Evernorth’s CEO. His strategic vision for the company involves assembling a substantial treasury war chest and actively pursuing acquisitions across the broader digital-asset space, with XRP positioned as the central component of a diversified crypto portfolio strategy. This structure, blending Wall Street finance with crypto-native conviction, aims to provide XRP with the dedicated institutional sponsorship it has arguably lacked.

The $1 billion fundraising initiative extends beyond Ripple's sole involvement, drawing support from a consortium of prominent investors. The Japanese SBI Group is leading the fundraising with a $200 million commitment, alongside other key investors including Pantera Capital, Kraken, GSR, and Rippleworks. Ripple cofounder Chris Larsen is also among the contributors, and Ripple itself is participating as a strategic investor. Ripple CEO Brad Garlinghouse has publicly confirmed his support, highlighting the partnership. Garlinghouse, along with Ripple’s Chief Legal Officer Stuart Alderoty and CTO David Schwartz, will serve as advisers to Evernorth, reinforcing the strategic alignment between the entities. Board approvals have already been secured at both firms for this venture.

Evernorth's CEO, Asheesh Birla, a former Ripple executive, envisions the firm as an active treasury that will expand XRP's presence through institutional lending, liquidity provisions, and Decentralized Finance (DeFi) strategies. This model is designed to generate returns for shareholders while simultaneously contributing to the broader adoption of XRP. If successful, Evernorth will mark a significant milestone as the first public company exclusively dedicated to accumulating and deploying XRP on a large institutional scale, potentially streamlining Ripple’s involvement in the XRP ecosystem and fostering its business growth.