SBI CEO Endorses Evernorth Merger as XRP Treasury Expands to $1B

TLDR

• SBI CEO Yoshitaka Kitao confirmed a $200 million investment in Evernorth’s XRP treasury initiative.
• The XRP treasury aims to become the largest in the world with a total fundraising target of $1 billion.
• Ripple contributed over $500 million in a mix of XRP and cash to support the treasury.
• Chris Larsen personally added 50 million XRP to the Evernorth initiative.
• Other investors including Kraken, Pantera Capital, and Arrington Capital contributed over $600 million.

SBI Holdings CEO Yoshitaka Kitao has confirmed the company’s investment in Evernorth’s XRP treasury initiative. He revealed the update during a shareholder presentation in October, later translated and shared by Crypto Eri. Kitao called the initiative “very interesting,” highlighting the strategic role SBI Group intends to play.

SBI Group Leads $1 Billion XRP Treasury Initiative

Kitao disclosed SBI’s involvement in Evernorth’s XRP treasury during a detailed investor briefing. He outlined the venture’s goal to accumulate and manage XRP for future growth. SBI contributed $200 million from its funds to buy XRP directly from the open market.

The Evernorth initiative aims to position itself as the largest XRP treasury worldwide. It plans to merge with Armada Acquisition Corp II to go public. The newly formed company will trade on Nasdaq under the ticker symbol XRPN.

Kitao said, “We see long-term value in XRP and want exposure through this treasury structure.” He emphasized SBI’s commitment to digital assets. The Japanese firm continues its close collaboration with Ripple in this new effort.

Ripple and Other Investors Join XRP Push

Ripple, a partner of SBI, has also committed to the XRP treasury plan. The company pledged a package worth $500 million in XRP and cash. Ripple co-founder Chris Larsen also added 50 million XRP from his own holdings.

Crypto firms Kraken, Pantera Capital, and Arrington Capital have pooled in over $600 million. Together, these entities support Evernorth’s capital goal of $1 billion. The entire fund will focus solely on XRP.

Kitao said SBI’s role would strengthen as the merger progresses. He added that this is not a short-term trade. Instead, the treasury is structured as a long-term investment vehicle.

Evernorth Set for Nasdaq Debut in 2026

Evernorth plans to finalize its merger with Armada Acquisition Corp II in early 2026. Once complete, the company will list on Nasdaq as XRPN. It will operate as a pure XRP investment entity.

As of November 4, Evernorth held 473.27 million XRP tokens. These were valued at $1.03 billion based on current market rates. Evernorth holds its tokens in multiple XRPL wallets.

Two specific wallets, labeled Evernorth (1) and (2), currently hold 45 million and 42 million XRP, respectively. These wallets are publicly accessible on the XRPL. Evernorth has not revealed the identities behind other wallets.

The treasury structure is designed to give large-scale investors exposure to XRP price movements. This effort could influence market activity. However, Evernorth has not stated any intention to affect XRP liquidity.

SBI expects future value appreciation from the XRP held in the treasury. The strategy ties directly into its broader crypto asset portfolio. Kitao reiterated that SBI will monitor Evernorth’s progress closely.

The XRP treasury’s market activity will likely remain under watch until the merger closes. The XRP balance of Evernorth continues to grow. Evernorth’s latest report shows its holdings are still actively managed across its known wallets.

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