Evernorth to Create $1B XRP Treasury Backed by Ripple and SBI

• Evernorth to build $1B XRP Treasury backed by Ripple, SBI, and top crypto investors.
• XRP Treasury to list on Nasdaq under “XRPN,” boosting institutional market participation.
• Initiative aims to expand XRP use in DeFi, payments, and tokenized asset markets.

Ripple-backed Evernorth has announced plans to form a $1 billion XRP Treasury, marking a major step toward institutional integration of the digital asset. The firm revealed that the capital will come from major investors, including Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. SBI Holdings is contributing $200 million to the funding round.

According to Evernorth, the XRP Treasury will use the raised capital to acquire XRP from the open market. The firm aims to create a transparent, publicly listed investment vehicle that offers institutional investors a simple and regulated means of gaining exposure to XRP.

XRP Treasury to Support Evernorth’s Public Listing

Evernorth plans to go public through a business combination agreement with Armada Acquisition Corp II. After completion, the combined company will operate under the Evernorth name and list on Nasdaq under the ticker symbol “XRPN.” The transaction is expected to close in the first quarter of next year, pending shareholder and regulatory approvals.

Reports indicate that Ripple recently transferred around $500 million in XRP to a new wallet, a move that aligns with preparations for the XRP Treasury launch. Analysts have linked this transfer to Evernorth’s plan to establish an institutional framework for managing XRP reserves.

Former Ripple Executive to Lead the XRP Treasury Platform

Former Ripple executive Asheesh Birla will serve as Evernorth’s CEO, overseeing the creation and management of the XRP Treasury. Birla explained that the company will expand its holdings’ value by engaging in institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities.

He added that Evernorth aims to deliver more than just exposure to XRP’s price by contributing to the growth of its ecosystem through structured financial participation. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz will act as strategic advisors, providing regulatory and technical guidance.

Expanding the XRP Ecosystem and Utility

Evernorth stated that the XRP Treasury will not only accumulate XRP as a reserve asset but will also help strengthen XRP’s market infrastructure. The firm plans to operate XRP validators and integrate Ripple’s RLUSD stablecoin as an on-ramp for DeFi activities.

Additionally, Evernorth will provide liquidity and participate in projects that enhance XRP’s use in payments, tokenized assets, and capital markets. Chris Larsen described the effort as filling a critical gap in XRP’s capital markets, while Garlinghouse highlighted its alignment with Ripple’s mission to expand real-world XRP utility. The XRP Treasury initiative represents a significant institutional milestone, reinforcing Ripple’s ecosystem and positioning Evernorth as a key driver of XRP’s long-term adoption.