Evernorth to Raise $1 Billion for the Largest XRP Treasury

Core Insights - Evernorth is raising over $1 billion to establish what could become the largest institutional XRP treasury, merging with Armada Acquisition Corp II and planning to list on Nasdaq under the ticker XRPN [1][2] - The initiative aims to provide institutional investors with liquid exposure and yield opportunities in both traditional and decentralized finance, with the transaction expected to close in Q1 2026, pending approvals [2][3] - The strategy includes active management of XRP through open-market accumulation, institutional lending, and DeFi strategies, focusing on increasing XRP per share and expanding ecosystem participation [3][5] Financial Commitments - The venture has secured a $200 million commitment from SBI Holdings, along with investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR [4] - Most net proceeds will be allocated for systematic XRP accumulation to build a resilient treasury, while a smaller portion will cover operational expenses [4] Strategic Goals - Evernorth plans to operate XRP Ledger validators to enhance decentralization and integrate Ripple's RLUSD stablecoin as a DeFi bridge [5] - The company aims to support projects that expand XRP's role in payments, tokenization, and capital markets [5]