Ripple, SBI Holdings, Pantera Capital to raise $1 billion for Evernorth XRP treasury

Source Fxstreet
  • Evernorth announced plans to raise $1 billion to launch an XRP treasury.
  • The company has also entered a business combination agreement with Armada Acquisition to become a publicly-listed company.
  • Evernorth's XRP treasury has attracted partnerships from Ripple, SBI Holdings and Pantera Capital.

Evernorth Holdings is set to go public through a merger with Nasdaq-listed Armada Acquisition Corp (AACI), with plans to raise $1 billion in proceeds to build an XRP treasury.

Evernorth plans public listing with up to $1 billion XRP treasury

Ripple-backed company Evernorth announced its plan to go public via a merger with the special-purpose acquisition company Armada Acquisition Corp.

The transaction is projected to raise $1 billion, which will be used to establish a digital asset treasury centered on XRP accumulation, according to a statement on Monday.

Key backers behind the initiative include SBI Holdings, contributing $200 million, along with Ripple and its co-founder Chris Larsen, Pantera Capital, Kraken and GSR.

The majority of net proceeds will be directed toward open-market purchases of XRP to build what Evernorth describes as the "world’s leading institutional XRP treasury," while the remainder will support operations and other corporate initiatives.

“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,” said Asheesh Birla, CEO of Evernorth.

Upon completion of the merger, the combined entity will operate with the name Evernorth and list on the Nasdaq under the ticker XRPN. The deal, unanimously approved by the boards of both companies, is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals.

Ripple executives, CEO Brad Garlinghouse, CLO Stuart Alderoty, and CTO David Schwartz will serve as strategic advisors, helping maintain alignment with the XRP ecosystem while preserving the company’s operational independence.

"Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world. Evernorth is deeply aligned with that mission, bringing more use cases, participation, and confidence to the XRP ecosystem," added Ripple CEO Brad Garlinghouse. 

Evernorth aims to use its resources to accelerate growth across the XRP ecosystem. The company plans to run XRP validators and integrate Ripple’s RLUSD stablecoin to facilitate access to XRP-powered DeFi. It also plans to supply liquidity while backing projects designed to expand XRP’s practical applications in global markets.

XRP is trading at $2.51 on Monday, up nearly 5% over the past 24 hours at the time of publication.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Samsung Electronics Forecasts Stronger-Than-Expected Q3 Profit on AI Demand Samsung forecasts Q3 profit of 12.1 trillion won, boosted by strong AI chip demand.
Author  Mitrade
Oct 14, Tue
Samsung forecasts Q3 profit of 12.1 trillion won, boosted by strong AI chip demand.
placeholder
Dollar Gains as US-China Trade Tensions Ease The U.S. dollar remained steady on Tuesday following a shift in President Donald Trump’s harsh stance on tariffs against China.
Author  Mitrade
Oct 14, Tue
The U.S. dollar remained steady on Tuesday following a shift in President Donald Trump’s harsh stance on tariffs against China.
placeholder
Asian Stocks Mixed as Commodities Pause and Yen Draws AttentionAsian equity markets struggled to close the week on a weak note Friday, influenced by ongoing losses on Wall Street that extended into early Asian trading.
Author  Mitrade
Oct 10, Fri
Asian equity markets struggled to close the week on a weak note Friday, influenced by ongoing losses on Wall Street that extended into early Asian trading.
placeholder
Oil Prices Hold Steady Amid Gaza Ceasefire and US Sanctions Oil prices held steady in early Asian trading on Friday following the announcement of a ceasefire between Israel and Hamas.
Author  Mitrade
Oct 10, Fri
Oil prices held steady in early Asian trading on Friday following the announcement of a ceasefire between Israel and Hamas.
placeholder
Bitcoin drops below $110K ahead of $22B options expiry; altcoins tumbleBitcoin fell below the $110,000 mark on Friday, heading for a steep weekly loss as nearly $22 billion in cryptocurrency options were set to expire. The drop also comes as traders await key U.S. inflation data that could influence the Federal Reserve’s policy outlook.
Author  Mitrade
Sept 26, Fri
Bitcoin fell below the $110,000 mark on Friday, heading for a steep weekly loss as nearly $22 billion in cryptocurrency options were set to expire. The drop also comes as traders await key U.S. inflation data that could influence the Federal Reserve’s policy outlook.
Related Instrument
goTop
quote