TL;DR
- Ripple is backing the launch of Evernorth, an institutional vehicle that plans to raise over $1 billion and list on Nasdaq under the ticker XRPN.
- The ETP aims to build the largest institutional XRP treasury through open-market purchases and active management to generate yields.
- Evernorth will operate as a network validator, integrate DeFi tools, and work to expand XRP’s real-world utility.
Ripple has expressed its support for the launch of Evernorth, an institutional vehicle seeking to raise over $1 billion and list on Nasdaq under the ticker XRPN, following its merger with Armada Acquisition Corp II.
The transaction is expected to close in the first quarter of 2026 and aims to create the largest institutional XRP treasury, with open-market acquisitions as the main destination for the raised capital. A portion will go toward corporate expenses and transactions, while active management will seek to generate yields and strengthen XRP adoption.
Japan’s SBI Group is leading the fundraising with a $200 million commitment, joined by investors such as Pantera Capital, Kraken, and GSR, along with Ripple co-founder Chris Larsen. Ripple will act as a strategic investor, with executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz serving as advisors. Asheesh Birla will take over as CEO, supported by a team with deep experience in traditional finance, crypto, and capital markets.
Evernorth intends to offer investors liquid, transparent, and actively managed exposure to XRP, setting itself apart from a passive ETF. The strategy includes institutional lending, liquidity provision, and yield generation within the DeFi market.
Ripple (XRP) Gains a New Institutional Dimension
The company also plans to operate as a network validator, integrate Ripple’s RLUSD stablecoin as an on-ramp to the DeFi economy built around XRP, and participate in projects that expand XRP’s use in payments, capital markets, and tokenized assets. The model combines shareholder returns with ecosystem growth, aligning investor incentives with XRP’s institutional adoption.
The initiative could serve as a major catalyst for XRP’s institutional adoption, offering not only direct exposure but also participation in its expansion and liquidity. With more than a decade of operational history, deep liquidity, and a growing DeFi ecosystem, XRP is uniquely positioned to attract institutional capital and expand its use across multiple sectors.
If completed, Evernorth will become the first publicly traded company dedicated to strategically accumulating and deploying XRP. The transaction has received unanimous approval from both companies’ boards and could mark a turning point in the institutionalization of the cryptocurrency
