Ripple-Backed Evernorth Targets $1 Billion Raise In US IPO For XRP Reserve

A new XRP treasury could be on the horizon, driven by Ripple-backed Evernorth’s plans for an initial public offering (IPO) in the US. Evernorth announced on Monday that it intends to go public on the Nasdaq through a merger with the blank-check company Armada Acquisition Corp II, projected to raise over $1 billion in capital.

Evernorth’s $1 Billion Merger And XRP Treasury Launch

This strategic initiative comes in the wake of a significant legal victory for Ripple, as the US Securities and Exchange Commission (SEC) concluded a high-profile lawsuit that accused the company of selling unregistered securities to institutional investors.

Under the current administration the regulatory agency has taken a new crypto-friendly approach, also dropping lawsuits against other key players in the industry.

Evernorth has stated that the anticipated merger, expected to be finalized in the first quarter of 2026, will establish it as the largest publicly traded XRP treasury company. On the matter, Evernorth’s CEO Asheesh Birla stated:

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.

Ripple Co-Founder And Major Firms Join The Venture

The fundraising effort also includes a substantial $200 million investment from Japanese firm SBI, which has historical ties to SoftBank, in exchange for equity in the venture. Birla emphasized Evernorth’s intent to explore acquisition opportunities, stating that the company plans to build out its investment team as it grows.

The deal has garnered the participation of Ripple co-founder Chris Larsen, as well as notable digital asset firms like venture capital firm Pantera Capital, and cryptocurrency exchange Kraken.

This announcement follows Ripple’s recent acquisition of GTreasury, which was heralded as a significant advancement in its growth strategy. 

Ripple aims to provide solutions that allow corporations to unlock idle capital, leveraging the multi-trillion-dollar global repo market through partnerships, such as the one with prime broker Hidden Road. 

As Bitcoinist reported, this acquisition marks the blockchain payment company’s third major transaction in 2025, following its earlier procurements of prime broker Hidden Road and stablecoin platform Rail.

As of this writing, XRP is trading at $2.47, up nearly 3% over the past 24 hours as the broader crypto market sees a slight recovery from last week’s crash, which brought fear and uncertainty back to the industry. 

Featured image from DALL-E, chart from TradingView.com