Ripple-Backed Evernorth Raises Over $1 Billion for Institutional XRP Exposure

Evernorth Holdings Inc., a newly formed Nevada corporation that aims to enable institutional adoption of Ripple (XRP), has officially launched and entered a business combination agreement with Armada Acquisition Corp II, a publicly traded special purpose acquisition company (SPAC).

The company said it will combine public market access with an active treasury model to offer a unique bridge for institutional investors seeking regulated, scalable exposure to the crypto asset.

Once the transaction closes, the combined company will operate under the Evernorth name and is expected to trade on Nasdaq under the ticker symbol “XRPN,” pending standard listing requirements.

Evernorth’s XRP Treasury Vehicle

According to the press release shared with BitcoinLinux, the deal is projected to raise over $1 billion in gross proceeds. This includes $200 million from SBI and additional investments from Ripple Labs and Rippleworks, which is a charitable foundation supporting social impact ventures. Other prominent digital asset and fintech investors include Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen will also be participating.

Net proceeds will mainly be used to purchase XRP in the open market to establish a large institutional treasury for the crypto asset. A portion of the funds will be allocated to working capital, corporate operations, and transaction-related expenses.

Unlike a traditional passive ETF, Evernorth plans to increase XRP holdings per share over time by engaging in institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities.

In a statement, Evernorth CEO Asheesh Birla 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. This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”

Bets on XRP

Last week, London-based VivoPower International raised $19 million in fresh equity at $6.05 per share in a bid to expand its XRP treasury strategy. The funds will support debt reduction and boost the company’s long-term XRP holdings.

Earlier, VivoPower partnered with Doppler Finance on a $30 million XRP deployment, which is part of a planned $200 million allocation. Additionally, the firm has been testing Ripple’s RLUSD stablecoin for cross-border payments within its Tembo EV unit for faster settlement and lower costs.

The post Ripple-Backed Evernorth Raises Over $1 Billion for Institutional XRP Exposure appeared first on BitcoinLinux.