Evernorth to Build World’s Largest Institutional XRP Treasury via $1B SPAC Merger

Core Viewpoint - Evernorth Holdings Inc. is set to go public through a SPAC merger with Armada Acquisition Corp II, aiming to establish the largest institutional XRP treasury, with the transaction expected to generate over $1 billion in gross proceeds [1][2]. Group 1: Transaction Details - The merger has received unanimous approval from both companies' boards and is anticipated to close in the first quarter of 2026, pending regulatory and shareholder approvals [2]. - Upon completion, Evernorth will trade under the ticker "XRPN" on Nasdaq, providing a regulated investment vehicle for XRP exposure [2]. Group 2: Funding and Support - SBI Holdings is leading a $200 million funding round to support the initiative, with participation from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen [3]. - Ripple's CEO Brad Garlinghouse and key executives will take on strategic advisory roles at Evernorth, ensuring operational independence while maintaining ties to the XRP ecosystem [4]. Group 3: Investment Strategy - Evernorth will operate as an active investment vehicle rather than a passive ETF, focusing on increasing XRP per share through institutional lending, liquidity provisioning, and DeFi yield generation [5]. - The company aims to enhance shareholder returns and XRP's utility by engaging in validator responsibilities and integrating with Ripple's RLUSD stablecoin [5]. Group 4: Market Impact - Following the announcement, XRP's price increased by 2.4% within 24 hours, indicating growing institutional adoption [6]. - Evernorth's public effort represents the largest initiative focused exclusively on XRP, surpassing previous investments by other firms [6]. - The trend of public companies utilizing blockchain tokens as reserves is on the rise, supported by XRP's expanding DeFi ecosystem and regulatory clarity following the resolution of the Ripple lawsuit [6].