Ripple-backed crypto venture Evernorth to list on Nasdaq through a merger with Armada Acquisition Corp II

Evernorth is set to list publicly on the Nasdaq through a merger with Armada Acquisition Corp II. The merger follows the current trend of crypto ventures using special-purpose acquisition companies (SPACs) to go public, rather than the more complex and time-consuming traditional IPO route.

The newly formed company will focus on accumulating XRP, which is the cryptocurrency closely linked to Ripple and currently the fifth-largest digital asset by market capitalization, according to CoinGecko data. 

Evernorth is set to build the largest public XRP treasury 

Evernorth, a new digital asset venture backed by Ripple, announced plans on Monday to list on the Nasdaq through a merger with Armada Acquisition Corp II (AACI.O). The deal, expected to close in the first quarter of 2026, is also projected to raise more than $1B in proceeds. If finalized, it will be one of the largest crypto-related public listings since 2021.

Following the resolution of Ripple’s long-running legal battle with the U.S. Securities and Exchange Commission (SEC), there has been renewed optimism in the crypto market for the company. The lawsuit accused Ripple of selling unregistered securities to institutional investors, but it was settled earlier this year. 

Evernorth’s decision to go public shows a growing confidence in a more crypto-friendly regulatory environment under the Trump administration, which has so far embraced blockchain innovation and digital assets.

Ripple draws institutional ambitions 

Evernorth will be led by Asheesh Birla, a former Ripple executive and a veteran of the blockchain industry. Birla stated that he would be stepping down from Ripple’s board to take on the new role as Evernorth’s CEO. 

“I lost track around how many [asset-holding plays] are there around Ethereum,” Birla said. He hinted at the firm’s aim to build a similar institutional model for managing XRP.

Evernorth’s backers include the Japanese financial group SBI Holdings, which was formerly affiliated with SoftBank. The company is contributing $200M of the total sum in exchange for equity. 

Ripple co-founder Chris Larsen, as well as Pantera Capital and Kraken, are also among the participants in the funding round. All four have extensive experience in digital asset investment and have previously supported infrastructure projects aimed at expanding blockchain use cases.

Birla confirmed that Evernorth plans to expand through acquisitions and build a dedicated investment team to manage its holdings. 

The company also aims to explore ways to integrate XRP-backed assets into capital markets and potentially issue tokenized assets tied to XRP reserves.

Both equity and crypto markets are currently volatile following the largest sell-off of digital assets on record earlier this month. The liquidation wave was triggered by an escalation of trade tensions between the U.S. and China under President Donald Trump. 

Analysts warn that more crypto-linked public companies could see more pain as market losses extend and stock prices drop.

Despite these concerns, the move is being viewed as a way to stabilize XRP’s long-term presence. The company’s treasury model aims to mirror traditional asset management strategies, allowing investors to gain regulated exposure to XRP through equity markets instead of direct token purchases.

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