Evernorth SPAC plans a merger with Armada Acquisition Corp. II. The company targets over $1 billion in gross proceeds. The combined entity intends to list on Nasdaq under XRPN.
The XRP treasury sits at the center of the plan. Evernorth says it will buy XRP on the open market. The company frames a large, transparent balance sheet as the draw.
The filing outlines a public-company route rather than a fund. Shares would track the operating business, not a spot product. The structure stays within public-equity rules.
Backers and proceeds: SBI Holdings, Ripple, Pantera, Kraken, and GSR
SBI Holdings committed $200 million to the Evernorth SPAC plan. The group also expects support from Ripple, Pantera Capital, Kraken, and GSR. Materials link SBI to prior SoftBank ties.
Proceeds are earmarked for open-market XRP buys. The company also notes hiring, systems, and reporting needs. The remainder would fund general operations.
The merger must clear standard SPAC steps. These include SEC filings and a shareholder vote. The listing would follow those approvals.
Digital asset treasury model: open-market XRP buys and reporting
Evernorth describes an active digital asset treasury. The mandate includes accumulation, liquidity management, and allowed DeFi tools. The plan emphasizes controls and public reporting.
Asheesh Birla leads Evernorth as CEO. He said the vehicle is designed to “accelerate XRP adoption.” The statement places XRP at the core of the operating focus.
The company stresses open-market XRP buys rather than private allocations. It also highlights auditability. The approach aims to match corporate reporting standards.
Ripple context: GTreasury acquisition and treasury funding plans
The Evernorth SPAC news lands alongside Ripple’s enterprise push. Ripple agreed to acquire GTreasury for about $1 billion. The target supplies treasury-management software to large enterprises.
Ripple has also explored raising roughly $1 billion via XRP sales. Reports say the plan would seed a separate digital-asset treasury. Those flows would pair with part of Ripple’s existing holdings.
Together, these steps add enterprise rails near the XRP treasury theme. GTreasury software sits in CFO workflows. Evernorth SPAC offers a public-equity route to XRP exposure.
Market context: Strategy’s Bitcoin play, VivoPower’s XRP plan, and reactions
Corporate treasuries first scaled with Strategy under Michael Saylor. The company amassed a large Bitcoin position over time. That template defined one model for public balance sheets.
Beyond Bitcoin, VivoPower unveiled an XRP-focused strategy this year. The company paired capital raises with balance-sheet plans. Reports cited proceeds and follow-on updates.
Skepticism remains around non-Bitcoin treasuries. Deng Chao of HashKey Capital said traditional finance still hesitates. David Bailey of Nakamoto criticized “failed altcoins rebranded as DATs.”
What changes with Evernorth SPAC and the XRP treasury focus
Evernorth SPAC would list a business centered on XRP treasury operations. The structure differs from a tracker fund. Shares would reflect an operating company with treasury activity.
The Nasdaq XRPN ticker would provide listed exposure. Investors would not hold XRP directly. They would hold equity in a company building an XRP treasury.
Next, the deal moves through SPAC milestones. These include the proxy, vote, and closing mechanics. The plan then turns to open-market XRP buys if the transaction completes.