Ripple's latest venture is taking its crypto ambitions to Wall Street. Evernorth, a digital asset treasury backed by Ripple, announced it will merge with Armada Acquisition Corp II (AACI) and list on the Nasdaq (NDAQ), raising over $1 billion in proceeds.
The company plans to use the funds to purchase XRP (XRP-USD), the fifth-largest cryptocurrency by market value, and create the largest publicly traded XRP treasury in the world.
Evernorth describes itself as a digital asset company designed to accumulate XRP under a regulated, public structure. The listing will allow investors to gain indirect exposure to XRP price movements through traditional equity markets rather than crypto exchanges. The deal is expected to close in early 2026, with shares trading under the proposed ticker XRPN.
Ripple Rallies Big Backers
The deal has drawn heavyweight support from across the crypto and financial sectors. Japanese financial giant SBI Holdings has committed roughly $200 million, while Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen are also among the investors. The transaction sponsor, Arrington XRP Capital, will oversee the SPAC merger.
Evernorth's leadership stated the goal is to create a transparent, liquid, and compliant vehicle for institutional investors who want exposure to XRP without holding the token directly. Additionally, the firm will use part of its proceeds to provide liquidity and manage yield strategies tied to XRP's performance.
Turning XRP Price into a Public Market Experiment
Evernorth's model is straightforward: it will act as a publicly traded treasury that accumulates and manages XRP on behalf of shareholders. The company's success will depend heavily on XRP's price trajectory, making the stock effectively a public market proxy for the cryptocurrency.
If XRP prices rise, Evernorth's holdings increase in value, creating potential for equity upside. If they fall, the company's valuation will likely mirror this decline. Analysts see the launch as a test of how far traditional markets are willing to go in blending digital assets with listed corporate structures.
Evernorth Creates a New Channel for Regulated Crypto Access
The timing of Evernorth's debut coincides with improving sentiment in crypto regulation and renewed interest in digital asset funds. XRP has gained traction among institutional investors following Ripple's legal victories and its expanding use in cross-border payments. Evernorth aims to turn this momentum into an investable product that meets public-market standards.
However, the concept carries risk. Concentrating more than a billion dollars into a single token could amplify volatility. Critics warn that a public treasury model leaves investors exposed to both crypto market swings and corporate governance challenges. Evernorth insists that its regulatory framework and transparent reporting will help mitigate those risks.
At the time of writing, XRP is sitting at $2.4599.
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