Key Takeaways
How much funding will the deal generate?
The transaction is expected to raise over $1 billion in gross proceeds, including $200 million from SBI and other investments from Ripple.
When is the deal expected to close?
The merger is expected to close in the first quarter of 2026.
Evernorth Holdings Inc., a newly formed company based in Nevada, has officially launched operations.
Its primary goal is to promote large-scale institutional adoption of Ripple [XRP], signaling a bold and ambitious strategy in the crypto space.
Evernorth and Armada merger
Evernorth Holdings Inc. has announced a merger agreement with Armada Acquisition Corp., a publicly traded special purpose acquisition company (SPAC).
Once the deal closes, the combined company will operate under the Evernorth name and trade on Nasdaq under the ticker symbol “XRPN.” The merger will raise over $1 billion in gross proceeds.
This includes a $200 million investment from SBI. In addition, Evernorth has secured support from major crypto and finance players. These include Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
As a next step, Evernorth will use much of the capital to buy XRP on the open market. The goal is to build the world’s largest institutional XRP treasury.
It will allocate the remaining funds to support its operational and corporate initiatives.
Remarking on the same, Asheesh Birla, CEO of Evernorth, said,
“Evernorth is built to provide investors more than just exposure to XRP’s price. As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem.”
Evernorth and Armada plan to complete their merger in the first quarter of 2026, aiming to create the largest publicly traded XRP treasury company to date.
XRP conversation surges
The announcement sparked strong market and social media activity. According to LunarCrush, XRP-related discussions surged after the $1 billion fundraising news.
As a result, mentions and engagement peaked while the treasury story gained momentum, pushing XRP’s AltRank to 790 and Galaxy Score to 72. These scores reflect rising sentiment, supported by steady interaction quality and active price movement.
Praising XRP’s success and demand, Brad Garlinghouse, CEO of Ripple, added,
“Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world.”
XRP price action and whale activity
This coincided with XRP’s recent market performance, reflecting a complex blend of short-term volatility and long-term optimism.
While XRP slipped 0.6% over the past 24 hours and 4.15% over the week and was trading at $2.43, at press time, Santiment data shows that wallets holding over 10,000 XRP have reached a record high of roughly 317,500.
This further concided with Ripple making a major push into the Digital Asset Treasury space with a $1B SPAC to accumulate XRP and a $1B acquisition of GTreasury.
Together, all these moves are redefining XRP’s role within global finance, shifting its narrative from speculative asset to a cornerstone of institutional liquidity.
