Evernorth, a digital asset treasury backed by Ripple, has unveiled plans to launch a groundbreaking Nasdaq listing aimed at raising over $1 billion. The company intends to use these funds to establish the world’s largest publicly traded XRP treasury, marking a significant milestone in the institutional adoption of digital assets.
🚨 Big news: we’re going public.
— evernorthxrp (@evernorthxrp) October 20, 2025
We’ve entered into a business combination agreement with Armada Acquisition Corp II — a transaction expected to raise over $1B, creating the largest public XRP treasury company on the Nasdaq under “$XRPN.”
Learn more: https://t.co/MxamYqnatw pic.twitter.com/ZccPKerPOM
Strategic Merger and Investment Details
The company will enter the public markets through a merger with Armada Acquisition Corp II. This strategic move has attracted substantial backing from major players in both traditional finance and the crypto sector. Japanese financial powerhouse SBI Holdings leads the investment round with a $200 million commitment. Additional support comes from industry leaders including Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Arrington XRP Capital will oversee the SPAC merger process. The deal expects completion in early 2026, with shares trading under the ticker symbol XRPN.
A New Model for Institutional Crypto Investment
Evernorth introduces an innovative approach to cryptocurrency investment by creating a regulated, transparent vehicle for institutional investors. The company will function as a publicly traded treasury that manages XRP holdings on behalf of shareholders. This structure allows investors to gain exposure to XRP price movements through traditional equity markets rather than crypto exchanges. The model aims to bridge the gap between traditional financial markets and digital assets while maintaining compliance with regulatory standards.
Market Impact and Future Outlook
The initiative represents a significant step forward in the mainstream adoption of digital assets. Evernorth’s listing coincides with improving sentiment in crypto regulation and growing institutional interest in digital asset funds. The success of this venture could establish a new precedent for how traditional markets integrate digital assets with conventional corporate structures. However, investors should note that concentrating significant capital in a single digital asset could lead to increased price volatility. The company addresses these concerns through its commitment to regulatory compliance and transparent reporting practices.
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