🚨 RIPPLE-BACKED EVERNORTH EYES $1B US NASDAQ LISTING FOR LARGEST PUBLIC XRP TREASURY 🚨
Evernorth, a new digital asset firm supported by Ripple, has revealed plans to go public in the US through a Nasdaq listing—aiming to raise over $1 billion dedicated to creating the world’s largest public institutional treasury of XRP.
🔑 Key Points:
🔹 IPO & SPAC Deal: Evernorth will go public by merging with Armada Acquisition Corp II in a deal targeting Q1 2026 completion and plans to list under the ticker XRPN, pending approvals.
🔹 Treasury Model: The majority of proceeds are earmarked for open-market XRP purchases to build an institutional-scale XRP treasury. Rather than act as a traditional ETF, Evernorth will manage the portfolio actively—participating in lending, liquidity provision, and DeFi yield opportunities to enhance returns beyond simple price exposure.
🔹 Major Backers: The initiative features investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, SBI (with a $200 million commitment), and Ripple co-founder Chris Larsen, cementing top-tier industry and institutional support.
🔹 Broader Strategy: Evernorth is designed to offer traditional investors streamlined access to XRP returns and utility, and will operate XRP Ledger validators and use Ripple’s RLUSD stablecoin to facilitate on-ramps and XRP-based DeFi activity.
🔹 Leadership: Former Ripple executive Asheesh Birla will serve as CEO, joined by a leadership team of seasoned industry professionals and with Ripple’s Brad Garlinghouse, Stuart Alderoty, and David Schwartz as strategic advisers.
💡 Why It Matters:
🔹 Institutional Adoption: This move marks one of the boldest pushes to bring XRP into formal capital and treasury markets, representing a significant milestone in Ripple’s effort to entrench XRP in global finance infrastructure.
🔹 Enhanced Liquidity & Utility: By putting $1B+ directly into XRP, Evernorth will impact market liquidity, support price floors, and stimulate ecosystem growth—especially as it deploys funds for active institutional strategies.
🔹 DeFi & Capital Market Integration: The public treasury model will not only give exposure to XRP price, but also catalyze its use in decentralized finance and collateralized lending, reinforcing its status among leading digital assets.
Evernorth’s $1B public listing and XRP treasury initiative marks a major chapter for institutional crypto adoption—combining top-tier backing, yield strategies, and direct market impact to shape the future of the XRP ecosystem.
https://www.cryptopolitan.com/evernorth-to-launch-largest-xrp-treasury