Subscribe to our News & Services <br> Subscribe to our News & Services <br> FM ALL News <br> FM Crypto <br> Follow us on Twitter <br> Follow us on Linkedin <br>Evernorth Holdings, a Nevada-based company founded by former Ripple executive Asheesh Birla, plans to go public through a merger with Armada Acquisition Corp II in a transaction expected to raise more than $1 billion.<br><strong data-v-75f3955d><a href="https://events.financemagnates.com/event/FMLS25/register?RefId=Article&utm_campaign=Article&utm_medium=J-Article&utm_source=registration&utm_term=Finance%2520Magnates-%2520Article" target="_blank" rel="noopener noreferrer" data-v-75f3955d>Digital assets meet tradfi in London at the fmls25</a></strong><br>If approved, the combined company would keep the Evernorth name and trade on Nasdaq under the ticker XRPN as early as the first quarter of 2026. Evernorth said it will use the funds to purchase XRP on the open market and build what it calls the largest publicly traded <a href="https://www.financemagnates.com/tag/xrp/" target="_blank" data-v-75f3955d>XRP</a> treasury.<br>Under the deal terms, Armada’s Class A shares would convert into Evernorth stock on a one-to-one basis. The funding plan includes a $200 million commitment from Japan’s SBI Holdings.<br>“Evernorth is a first-of-its-kind institutional vehicle built to accelerate XRP adoption,” commented Birla. “With over a decade of uptime and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption, and Evernorth is built to meet that moment.”<br>Other investors listed in the announcement include <span tabindex="-1" data-ref="term-wrapper" class="term__wrapper" data-v-26a4c466 data-v-75f3955d><span class="term__term-title-container" data-v-26a4c466><span class="term__term-title render-html__wrapper html-content__general-styles" data-v-26a4c466>Ripple<span class="clearfix"></span></span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-26a4c466><span class="display-block" data-v-26a4c466><a href="/terms/r/ripple/" target="_blank" class="term__pop-up ignore-html-styles" style="width:0;right:0;z-index:1000;" data-v-26a4c466><i class="close-icon term__close-icon" data-v-26a4c466></i> <span class="text-body bold display-block ignore-html-styles" data-v-26a4c466> Ripple </span> <span class="dots__wrapper term__description" data-v-0e507f65 data-v-26a4c466><span class="dots__visible" style="max-height:88px;" data-v-0e507f65> Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may </span> <span class="dots__actual-content" data-v-0e507f65> Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may </span> <!----></span> <span class="text-caption blue term__link ignore-html-styles" data-v-26a4c466>Read this Term</span></a></span></span></span>, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. The company says net proceeds will go primarily toward acquiring XRP, with a portion set aside for operations and deal expenses.<br>Both companies approved the transaction, which now awaits shareholder votes, regulatory clearance and review of potential redemptions.<br>Asheesh and team are building something special with <a href="https://twitter.com/evernorthxrp?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>@evernorthxrp</a>. We are proud to partner with him -- and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… <a href="https://t.co/qeAqXtmQcV" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>https://t.co/qeAqXtmQcV</a><br>Evernorth positions itself as an alternative to passive crypto products. Instead of tracking XRP’s price, the firm says it will use lending strategies, market liquidity services, and decentralized finance yield programs to increase XRP holdings per share.<br><strong data-v-75f3955d>You may also like: <a href="https://www.financemagnates.com/fintech/revolut-secures-mexico-banking-license-building-on-operations-in-the-us-and-brazil/" target="_blank" data-v-75f3955d>Revolut Secures Mexico Banking License, Building on Operations in the US and Brazil</a></strong><br>The company also plans to run validators on the XRP Ledger and integrate Ripple’s RLUSD <span tabindex="-1" data-ref="term-wrapper" class="term__wrapper" data-v-26a4c466 data-v-75f3955d><span class="term__term-title-container" data-v-26a4c466><span class="term__term-title render-html__wrapper html-content__general-styles" data-v-26a4c466>stablecoin<span class="clearfix"></span></span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-26a4c466><span class="display-block" data-v-26a4c466><a href="/terms/s/stablecoin/" target="_blank" class="term__pop-up ignore-html-styles" style="width:0;right:0;z-index:1000;" data-v-26a4c466><i class="close-icon term__close-icon" data-v-26a4c466></i> <span class="text-body bold display-block ignore-html-styles" data-v-26a4c466> Stablecoin </span> <span class="dots__wrapper term__description" data-v-0e507f65 data-v-26a4c466><span class="dots__visible" style="max-height:88px;" data-v-0e507f65> Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including </span> <span class="dots__actual-content" data-v-0e507f65> Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including </span> <!----></span> <span class="text-caption blue term__link ignore-html-styles" data-v-26a4c466>Read this Term</span></a></span></span></span> as an entry point into XRP-based DeFi activity.<br>Birla will lead a team that includes CFO Matthew Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas and Chief Business Officer Sagar Shah. Ripple is listed as a strategic investor, while senior Ripple figures Brad Garlinghouse, Stuart Alderoty and David Schwartz will act as strategic advisers.<br>The company emphasized it will operate with independent governance, despite the heavyweight Ripple presence. Evernorth expects to file additional documents with U.S. regulators as the merger process moves forward. <br>If completed, XRPN would provide stock market investors a way to gain exposure to XRP’s price dynamics—plus any returns the firm generates through its active treasury management.<br>Evernorth Holdings, a Nevada-based company founded by former Ripple executive Asheesh Birla, plans to go public through a merger with Armada Acquisition Corp II in a transaction expected to raise more than $1 billion.<br><strong data-v-75f3955d><a href="https://events.financemagnates.com/event/FMLS25/register?RefId=Article&utm_campaign=Article&utm_medium=J-Article&utm_source=registration&utm_term=Finance%2520Magnates-%2520Article" target="_blank" rel="noopener noreferrer" data-v-75f3955d>Digital assets meet tradfi in London at the fmls25</a></strong><br>If approved, the combined company would keep the Evernorth name and trade on Nasdaq under the ticker XRPN as early as the first quarter of 2026. Evernorth said it will use the funds to purchase XRP on the open market and build what it calls the largest publicly traded <a href="https://www.financemagnates.com/tag/xrp/" target="_blank" data-v-75f3955d>XRP</a> treasury.<br>Under the deal terms, Armada’s Class A shares would convert into Evernorth stock on a one-to-one basis. The funding plan includes a $200 million commitment from Japan’s SBI Holdings.<br>“Evernorth is a first-of-its-kind institutional vehicle built to accelerate XRP adoption,” commented Birla. “With over a decade of uptime and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption, and Evernorth is built to meet that moment.”<br>Other investors listed in the announcement include <span tabindex="-1" data-ref="term-wrapper" class="term__wrapper" data-v-26a4c466 data-v-75f3955d><span class="term__term-title-container" data-v-26a4c466><span class="term__term-title render-html__wrapper html-content__general-styles" data-v-26a4c466>Ripple<span class="clearfix"></span></span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-26a4c466><span class="display-block" data-v-26a4c466><a href="/terms/r/ripple/" target="_blank" class="term__pop-up ignore-html-styles" style="width:0;right:0;z-index:1000;" data-v-26a4c466><i class="close-icon term__close-icon" data-v-26a4c466></i> <span class="text-body bold display-block ignore-html-styles" data-v-26a4c466> Ripple </span> <span class="dots__wrapper term__description" data-v-0e507f65 data-v-26a4c466><span class="dots__visible" style="max-height:88px;" data-v-0e507f65> Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may </span> <span class="dots__actual-content" data-v-0e507f65> Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may </span> <!----></span> <span class="text-caption blue term__link ignore-html-styles" data-v-26a4c466>Read this Term</span></a></span></span></span>, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. The company says net proceeds will go primarily toward acquiring XRP, with a portion set aside for operations and deal expenses.<br>Both companies approved the transaction, which now awaits shareholder votes, regulatory clearance and review of potential redemptions.<br>Asheesh and team are building something special with <a href="https://twitter.com/evernorthxrp?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>@evernorthxrp</a>. We are proud to partner with him -- and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… <a href="https://t.co/qeAqXtmQcV" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>https://t.co/qeAqXtmQcV</a><br>Evernorth positions itself as an alternative to passive crypto products. Instead of tracking XRP’s price, the firm says it will use lending strategies, market liquidity services, and decentralized finance yield programs to increase XRP holdings per share.<br><strong data-v-75f3955d>You may also like: <a href="https://www.financemagnates.com/fintech/revolut-secures-mexico-banking-license-building-on-operations-in-the-us-and-brazil/" target="_blank" data-v-75f3955d>Revolut Secures Mexico Banking License, Building on Operations in the US and Brazil</a></strong><br>The company also plans to run validators on the XRP Ledger and integrate Ripple’s RLUSD <span tabindex="-1" data-ref="term-wrapper" class="term__wrapper" data-v-26a4c466 data-v-75f3955d><span class="term__term-title-container" data-v-26a4c466><span class="term__term-title render-html__wrapper html-content__general-styles" data-v-26a4c466>stablecoin<span class="clearfix"></span></span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-26a4c466><span class="display-block" data-v-26a4c466><a href="/terms/s/stablecoin/" target="_blank" class="term__pop-up ignore-html-styles" style="width:0;right:0;z-index:1000;" data-v-26a4c466><i class="close-icon term__close-icon" data-v-26a4c466></i> <span class="text-body bold display-block ignore-html-styles" data-v-26a4c466> Stablecoin </span> <span class="dots__wrapper term__description" data-v-0e507f65 data-v-26a4c466><span class="dots__visible" style="max-height:88px;" data-v-0e507f65> Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including </span> <span class="dots__actual-content" data-v-0e507f65> Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including </span> <!----></span> <span class="text-caption blue term__link ignore-html-styles" data-v-26a4c466>Read this Term</span></a></span></span></span> as an entry point into XRP-based DeFi activity.<br>Birla will lead a team that includes CFO Matthew Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas and Chief Business Officer Sagar Shah. Ripple is listed as a strategic investor, while senior Ripple figures Brad Garlinghouse, Stuart Alderoty and David Schwartz will act as strategic advisers.<br>The company emphasized it will operate with independent governance, despite the heavyweight Ripple presence. Evernorth expects to file additional documents with U.S. regulators as the merger process moves forward. <br>If completed, XRPN would provide stock market investors a way to gain exposure to XRP’s price dynamics—plus any returns the firm generates through its active treasury management.<br> Share this article <br> Get all the top financial news delivered straight to your inbox. Stay informed, stay ahead. <br>By subscribing, you agree to our <a href="https://www.financemagnates.com/terms-of-use/" target="_blank" rel="follow">Terms of Use</a> and <a href="https://www.financemagnates.com/privacy/" target="_blank" rel="follow">Privacy Policy</a>. You may unsubscribe at any time.<br>Follow Us<br>Looking for a Service?<br>Looking for a Service?<br> Finance Magnates is a global B2B provider of multi-asset trading news, research and events with special focus on electronic trading, banking, and investing. Copyright © 2025 "Finance Magnates CY Ltd." All rights reserved.<br class="hide-on-mobile hide-on-desktop-md hide-on-desktop-lg hide-on-desktop-xl hide-on-above-desktop-xl" data-v-1665ffef>For more information, read our <a href="/terms-of-use/" target="_self" class="footer__terms-link" data-v-1665ffef>Terms, </a> <a href="/cookies/" target="_self" class="footer__terms-link" data-v-1665ffef>Cookies </a> and <a href="/privacy/" target="_self" class="footer__terms-link" data-v-1665ffef>Privacy Notice </a> <a href="#" class="footer__manage-cookies-link" data-v-1665ffef>Manage Cookies</a><br><br><a href="https://news.google.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?oc=5">source</a>
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