Evernorth’s $1B SPAC Deal Creates Largest XRP Treasury

Evernorth announces a $1B+ SPAC merger with Armada II to build the world’s largest public XRP treasury, targeting Nasdaq under ticker XRPN in Q1 2026.

Evernorth Holdings Inc. has announced a business combination agreement with Armada Acquisition Corp II, a Nasdaq-listed special purpose acquisition company trading under the ticker AACI. The deal is structured to raise over $1 billion in gross proceeds. At closing, the combined entity will list on Nasdaq under the ticker symbol “XRPN.”

The transaction drew heavyweight backing. SBI committed $200 million. Ripple, Pantera Capital, Kraken, and GSR joined alongside Rippleworks, the independent charitable foundation. Ripple co-founder Chris Larsen participated personally, according to the official press release.

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XRP as a Hedge? The Market Is Already Voting

Geopolitical tension is doing something unexpected to markets. As ashgoblue posted on X, crypto is showing resilience through geopolitical uncertainty in ways that few anticipated. The thread got specific fast.

In a follow-up post, ashgoblue noted on X that on March 2, 2026, the Nasdaq Crypto Index gained 5%, gold climbed 3%, and the S&P 500 sat flat while oil surged. That data point is not nothing. Investors rotated into assets outside traditional equities, choosing things that trade 24 hours a day.

XRP was among them. Ashgoblue wrote on X that XRP’s utility in lending, payments, and on-chain finance expands its story well past “digital gold.” The timing of Evernorth’s launch fits that shift exactly.

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Not an ETF. Something Bigger.

Evernorth is not designed as a passive tracker. Net proceeds go primarily toward open-market XRP purchases. The company also plans active participation in institutional lending, liquidity provisioning, and DeFi yield opportunities using Ripple’s RLUSD stablecoin as an entry point.

CEO Asheesh Birla, a former Ripple senior executive, said the company wants to grow XRP per share over time, not just hold it. His framing, drawn from the official announcement, describes a model where treasury growth and ecosystem expansion feed each other directly.

Ripple CEO Brad Garlinghouse called XRP a global asset for efficient settlement. He expressed full confidence in Birla and the team taking XRP’s capital markets presence further. Garlinghouse, Stuart Alderoty, and David Schwartz are expected to serve as strategic advisors post-close.

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Evernorth also plans to run XRP validators, strengthening network decentralization. Market development activities targeting payments, capital markets, and tokenized assets are part of the roadmap, too.

The Close Is Coming in Q1 2026

Boards of both companies unanimously approved the transaction. Closing remains subject to shareholder approvals and customary conditions. Each unredeemed Class A share of Armada II converts to Evernorth Class A shares on a one-for-one basis.

Citigroup Global Markets acted as the sole private placement agent. Davis Polk and Wardwell LLP represents Evernorth and Ripple. Skadden represents Citigroup. Wilson Sonsini represents Armada II. The SPAC sponsor, Arrington XRP Capital Fund, was co-founded by TechCrunch founder Michael Arrington in 2017.

Ashgoblue observed on X that blockchain technology underpins the future of finance, being built on-chain. Evernorth, in structure and timing, looks like a direct bet on that thesis.

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The XRP treasury model goes public. Whether the market treats it as a hedge, a yield vehicle, or something else entirely will become clear once XRPN starts trading.

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