Synopsis: Evernorth Holdings, a Ripple-backed digital asset firm, is set to go public through a $1 billion SPAC merger with Nasdaq-listed Armada Acquisition Corp II (AACI). The deal, including a $200 million investment from SBI Holdings, seeks to establish one of the world’s largest XRP treasuries via open-market purchases.
Evernorth Holdings, a digital asset company closely tied to Ripple Labs, is preparing to go public through a $1 billion merger with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company (SPAC). The move could make Evernorth one of the first public firms to anchor its balance sheet in XRP, reflecting a growing institutional appetite for digital assets.
To me, this feels like one of those moments when crypto finally starts crossing into the corporate mainstream. The idea of a company building its financial foundation around a digital asset like XRP would’ve sounded radical just a few years ago.
The planned deal is expected to bring in more than $1 billion in gross proceeds, including a $200 million investment from Japan’s SBI Holdings, which has historical links to SoftBank. Other big names backing the effort include Ripple, Pantera Capital, Kraken, and GSR—a strong signal of industry confidence.
Evernorth
Evernorth plans to use the proceeds to build one of the world’s largest XRP treasuries through open-market purchases. Once the merger is completed, the combined entity will trade on the Nasdaq under the ticker XRPN.
Asheesh Birla, CEO of Evernorth, described the new venture as a major step toward accelerating XRP adoption. He said the goal is to offer investors a regulated, public-market path to gain exposure to XRP and related digital asset strategies.
This approach mirrors what many in finance have been waiting for: a bridge between traditional markets and decentralized finance (DeFi). It’s an ambitious move, but if executed well, it could change how institutional investors view crypto-backed treasury assets.
Interestingly, Ripple Labs itself is reportedly preparing a $1 billion raise through XRP sales to establish its own digital-asset treasury, combining fresh tokens with existing holdings. That could mean Evernorth’s strategy isn’t a one-off but part of a larger trend around Ripple’s ecosystem.
Digital Asset Treasuries
The idea of holding digital assets as part of a corporate treasury isn’t new, but it’s gaining momentum again. Evernorth’s move joins a wave of firms aiming to stockpile cryptocurrencies to strengthen their balance sheets.
Much of this shift can be traced back to Michael Saylor’s company, which famously adopted Bitcoin as a primary treasury reserve asset. That position has since grown to nearly 650,000 BTC, now worth tens of billions of dollars.
Today, however, the focus is expanding beyond Bitcoin. Corporates are exploring assets like Ether, Solana, and Ethena, looking for tokens that blend liquidity with growth potential. To me, this shift reflects a maturing view of the crypto landscape, one that values diversification and innovation, not just speculation.
What Do Traditional Players think?
Despite the excitement, not everyone is on board. Deng Chao, CEO of HashKey Capital, pointed out that traditional finance still views digital asset treasury strategies with skepticism. “It remains a major barrier to wider adoption,” he said.
David Bailey, CEO of Bitcoin treasury firm Nakamoto, was even more blunt. He criticized the recent wave of altcoin-linked treasuries, saying many lack clear direction. “Toxic financing, failed altcoins rebranded as DATs it’s totally muddled the narrative,” Bailey noted.
Still, as I see it, innovation always starts with uncertainty. Evernorth’s $1 billion SPAC move may not silence every critic, but it certainly marks a turning point for XRP and digital-asset treasuries.
If successful, it could redefine how companies view blockchain assets—not as risky bets, but as powerful financial tools shaping the next era of corporate finance.
Written By Fazal Ul Vahab C H