A new chapter is unfolding in the institutional narrative of digital assets as Evernorth, an XRP-focused investment vehicle, secures over $1 billion in backing from a formidable syndicate including SBI Holdings, Pantera Capital, Kraken, GSR, Rippleworks, and key Ripple figures. The strategic move, with Ripple CEO Brad Garlinghouse voicing public support and Ripple leaders joining as advisers, underscores the accelerating convergence between blockchain-based assets and the financial mainstream.
Evernorth’s ambition is as nuanced as it is bold: through a planned merger with Armada Acquisition Corp II, the vehicle aims to go public on Nasdaq by early 2026, trading under the ticker XRPN. The bulk of the funds will be deployed to acquire XRP on the open market, forging the world’s largest institutional treasury dedicated to this digital asset. Additional proceeds will fuel further corporate expansion and cover transactional infrastructure.
The fundraising itself is led by Japanese financial powerhouse SBI Group, contributing $200 million, signaling serious traditional finance buy-in. Other heavyweights, from Pantera’s blockchain investment acumen to Kraken’s industry expertise, round out a syndicate designed for influence and credibility.
At the operational helm, Evernorth’s CEO Asheesh Birla—formerly of Ripple—emphasizes that this is more than a passive crypto hold. Evernorth is constructed to expand XRP’s presence in institutional lending, liquidity provisioning, and DeFi strategies, all the while pursuing shareholder returns. The eventual aim: make XRPN the first public company with a singular mandate to amass and deploy XRP at such scale, setting a precedent in the integration of decentralized tokens into the architecture of capital markets.
Ripple remains both strategic investor and ecosystem steward, reaffirming its intention to play a broader role in shaping XRP’s market trajectory even as other institutional partners step into the spotlight. All necessary board approvals have now been secured, greenlighting an initiative that could become the blueprint for large-scale, asset-specific digital treasuries.
As the initiative heads toward its Nasdaq debut, the crypto community and institutional allocators alike will be watching closely—gauging how far this bridge between Web3 and Wall Street can extend, and whether Evernorth’s model unlocks new paradigms for digital asset capital management.
Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Investors should always conduct their own thorough research and consult with a qualified financial advisor before making any investment decisions in cryptocurrencies, which are highly volatile and speculative assets.
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