Oct 20, 2025
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– Evernorth to Go Public with $1B SPAC Merger for XRP Treasury – SBI Holdings Commits $200M to Evernorth’s $1B SPAC Merger – XRP Price Rises 2.4% Following Evernorth’s $1B SPAC Announcement – Evernorth’s Active Investment Strategy Includes DeFi Yield Generation – Evernorth to Trade as “XRPN” on Nasdaq Pending Approvals
Evernorth Holdings Inc. to Go Public via SPAC Merger
- Evernorth will merge with Armada Acquisition Corp II and plans to build a significant XRP treasury.
- The transaction, approved by both companies' boards, is expected to generate over $1 billion in gross proceeds.
- Proceeds will largely be used to purchase XRP, and Evernorth will trade as "XRPN" on Nasdaq, pending standard approvals, aiming for closure in Q1 2026.
SBI Holdings Leads $200 Million Funding Round
- SBI Holdings commits $200 million, joined by Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Chris Larsen.
- Ripple's CEO Brad Garlinghouse and executives will serve as strategic advisors to Evernorth.
Active Investment Strategy in DeFi
- Evernorth will operate as an active investment vehicle, not a passive ETF.
- It aims to increase XRP per share through institutional lending, liquidity provisioning, and DeFi yield generation.
- The company seeks to enhance XRP's utility and participate in validator responsibilities, integrating with Ripple's RLUSD stablecoin.
XRP Price Influence
- XRP's price rose by 2.4% within 24 hours following the announcement.
- While the broader crypto market remains neutral, XRP is among top gainers.
Several firms have invested in XRP, but Evernorth's public move is the largest focused exclusively on it. This trend highlights growing institutional interest in blockchain tokens as reserves. XRP's appeal is bolstered by its expanding DeFi ecosystem and regulatory clarity post-Ripple lawsuit.