Evernorth Holdings has announced a groundbreaking merger with Armada Acquisition Corp II, laying the groundwork to become the largest publicly traded XRP treasury worldwide. This new entity, with a valuation exceeding $1 billion, is set to make its debut on Nasdaq using the ticker XRPN. Armada, operating as a special purpose acquisition company (SPAC), currently trades under AACI, and this strategic move defines a significant development in institutional cryptocurrency investment platforms.
Who Are the Key Backers?
Prominent financial institutions have thrown their weight behind this merger. With a hefty $200 million commitment from Japan’s SBI, the list of supporters also features Ripple, Pantera Capital, Kraken, GSR, and the philanthropic Rippleworks Foundation. Reinforcing the venture’s credibility, Ripple co-founder Chris Larsen has personally endorsed the initiative, reinforcing the widespread institutional and individual interest backing this future enterprise.
What Drives the XRP Demand?
With ongoing global economic changes, investors find themselves drawn to alternative assets like XRP. Notably, as of March 2026, the Nasdaq Crypto Index climbed by 5%, alongside gold and oil, while traditional stocks like the S&P 500 remained stable. XRP distinguishes itself with uses extending beyond being just “digital gold,” becoming integral in credit services and other innovative financial applications.
Evernorth is set to operate not through passive means like ETFs but as an active entity engaging in open-market XRP purchases. By leveraging Ripple’s RLUSD stablecoin, the company plans to fuel institutional lending and enhance its decentralized finance capabilities.
“Our ambition is to grow our XRP portfolio steadily,” revealed Asheesh Birla, Evernorth’s leader and former Ripple executive, underscoring a mission focused on both asset acquisition and ongoing development within the XRP ecosystem.
Future plans for Evernorth include functioning as a validator on the XRP network, highlighting its strategic focus on areas such as payment solutions, asset tokenization, and broader capital market engagement.
Key executives, including Ripple’s CEO Brad Garlinghouse, are poised to bring valuable insights into the new entity post-merger. Joining him, Stuart Alderoty and David Schwartz will serve as strategic advisors, strengthening the project’s foundational expertise.
The boards from both companies have unanimously approved the proposed merger. Armada II’s Class A shares will be converted into Evernorth shares on an equal basis, pending shareholder and regulatory consent. Financial advice is being provided by Citigroup, with legal guidance from renowned firms such as Davis Polk & Wardwell and others. Michael Arrington, TechCrunch founder, backs the SPAC through Arrington XRP Capital Fund.
