Ripple is getting behind a new publicly traded XRP treasury firm called Evernorth, which aims to raise more than $1 billion and has recruited key Ripple backers to help with its push.
Built with contributions from Ripple itself, Ripple co-founder Chris Larsen, and notable crypto firms like Pantera Capital and Kraken, Evernorth will come together via a business combination with publicly traded special purpose acquisition company (or SPAC), Armada Acquisition Corp II.
The deal, which is expected to close in Q1 2026, will provide net proceeds of greater than $1 billion that will primarily be used to purchase the Ripple-linked asset, XRP, on the open market.
“Evernorth is built to provide investors more than just exposure to XRP’s price,” said Evernorth CEO Asheesh Birla, a former Ripple executive, in a statement.
“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,” he added. “This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption.”
The firm will maintain independent governance from Ripple, but will receive strategic advisory from the firm and some of its key executives — like CEO Brad Garlinghouse, Chief Legal Officer Stuart Alderoty, and outgoing CTO David Schwartz.
“Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world,” said Garlinghouse, in a statement. “Evernorth is deeply aligned with that mission, bringing more use cases, participation, and confidence to the XRP ecosystem.”
Beyond building a massive XRP treasury, the firm will work to foster and expand adoption of the XRP ecosystem, including the XRP Ledger.
For example, it aims to participate in validator operations, DeFi, and market development by providing liquidity and participating in projects that advance XRP.
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“Evernorth’s strategy is designed not only to accumulate XRP as a reserve asset but also to act as a long-term catalyst for the adoption and institutionalization of the XRP Ledger,” the firm said.
XRP has climbed 2% in the last 24 hours, now changing hands at $2.44. Shares of AACI however, have dropped around 2.5% amid the news, to $10.21.
Evernorth’s $1 billion XRP treasury would make it the largest publicly traded XRP reserve, though others have made plans to accumulate the Ripple-linked asset as well. In June, Trident Digital announced its intention to acquire up to $500 million in XRP. A week earlier, travel firm Webus also announced plans for up to a $300 million XRP treasury.
