What is Evernorth?
Evernorth is a newly formed digital asset treasury (DAT) company backed by Ripple, the issuer of the XRP and RLUSD tokens. Our core corporate strategy is simple. The idea is to accumulate $1 billion worth of XRP, create an institutional treasury, and offer public stock offering exposure to the third-largest cryptocurrency. Market capitalization.
The company is proposing to merge with Armada Acquisition Corp. II, a special acquisition purpose company (SPAC) and public shell that helps private companies go public. If shareholders and regulators approve the acquisition, Evernorth could be listed on the Nasdaq under the ticker symbol XRPN in the first quarter of 2026.
Who is Evernorth’s CEO?
evernorth It is led by longtime Ripple executive Asheesh Birla, who stepped down from the cryptocurrency company’s board in October to serve as both CEO and chairman. ripple Although they will remain major investors in the company, Evernorth will be run independently and Ripple executives Brad Garlinghouse, Stuart Alderroti and David Schwartz will act in an advisory capacity.
Who are the main investors in Evernorth?
Evernorth plans to raise more than $1 billion in funding, most of which will be used to purchase XRP on the open market, with a portion to cover operational and business expenses. DAT is supported by major cryptocurrency players such as Ripple, SBI Group, Arlington Capital, Pantera Capital, GHS, and Kraken.
Upon successful completion of the merger and funding round, Evernorth will become the largest publicly traded XRP holding company. Its financial model provides investors and treasurers with an easy, regulation-friendly way to gain exposure to XRP through equity rather than managing crypto wallets, storage, and compliance themselves.
How is Evernorth’s XRPN stock different from a spot XRP ETF?
| Features | Evernorth’s XRPN Stock (Equity Wrapper) | Spot XRP ETF (Exchange Traded Fund) |
| Product type | Listed Stocks/Stocks (XRP) | Exchange Traded Products (ETP) / Fund |
| exposure mechanism | The company (Evernorth) will use the stock proceeds to: Active acquisition and management of XRP As a treasure trove. | The Fund passively holds XRP and aims to: Track spot prices XRP directly. |
| management strategy | active. I intend to Increase the number of XRP backing each share We grow over time through active accumulation, institutional lending, liquidity provisioning, and DeFi yield strategies. | Passive. Mainly designed for mirror Changes in the price of the underlying asset. |
| investment goal | improve shareholder value By increasing XRP per share and leveraging yield strategies. | Provides direct price exposure to spot assets net of costs. |
| trading | Transactions during the period stock market time on exchanges such as NASDAQ. | It is traded like a stock. Business hours may vary by exchange and product type. |
| Liquidity and reporting | offer Liquidity during market hourspublic company disclosure, board oversight, and Auditable transparency (like traditional stocks). | It offers excellent liquidity, but structure, disclosure and auditing follow the rules of the fund/product. |
| Target user | Traditional Investor/Treasurer I’m looking for Compliant with regulations You can publish XRP without managing wallets, custodians, or complex compliance/infrastructure. | Investors looking for Direct price correlation to the underlying crypto assets. |
| Return | Returns possible different Derived from the spot price of XRP due to active strategies, expenses, and stock market pricing. | Returns approximately reflect the spot XRP price, net of fees. |
| Role of ecosystem | scheduled to become active participant (Example: XRPL validator using RLUSD stablecoin). | They are usually passive holders of the underlying assets. |
The company is planning an XRP treasury vehicle that will be operated independently of Ripple and listed on the Nasdaq. However, this product Exchange Traded Fund (ETF) (ETF) is a wrapper that allows investors to buy shares of XRPN, and the company uses the net proceeds to buy XRP and manages it directly in the Treasury.
XRPN is very different from ETFs. While exchange-traded products passively track assets, Evernorth plans to actively increase the number of XRP backing each stock over time through direct and active accumulation. The company also provides institutional financing, liquidity provision, decentralized finance (DeFi) Yield increases shareholder value.
This is important because stocks provide investors with liquidity during market hours, public company disclosure, and auditable transparency. Also, because XRPN is a stock, its returns may differ from spot XRP ETFs due to strategy, expenses, and stock market pricing.
For treasurers, instead of owning XRP directly, they can purchase Evernorth’s publicly traded shares, which are designed to reflect XRP’s market performance while providing public company reporting, auditing, and board oversight. Requires wallet setup, custodian selection, transaction and compliance documentation, and staff training.
The company also plans to participate as a validator on the XRPL blockchain and use Ripple’s RLUSD stablecoin as an entry point for XRP-denominated activities. Evernorth has made it clear that it will not be a passive XRP holder and plans to make its reserves public and continuously increase the value of XRP per share.
In summary, XRPN is traded on the market and provides investors with exposure to XRP through a regulated equity wrapper. The service will be a boost for companies that want to participate in the Ripple ecosystem without building blockchain or crypto infrastructure in-house.
When is XRPN stock listed?
SPAC transactions follow a defined regulatory path. Merger agent (Armada Acquisition Corp. II) and prospectus (Evernorth) file a joint Form S-4 in the United States. securities and exchange commission (SEC). This will be followed by a shareholder vote on Armada II and standard closing conditions. The companies aim to close the transaction by the end of the fourth quarter of 2025, upon which Evernorth will be listed on the Nasdaq under the ticker “XRPN.”
How is Evernorth funding its $1 billion XRP reserve?
There are two ways Evernorth funds its balance sheet. One is through a merger-related private equity investment (PIPE) allocation from Ripple and its partners. The other is through SPAC shareholder redemptions. The primary funding goal is $1 billion, with SBI Holdings and Ripple already pledging a total of $400 million, with additional funding expected from Pantera, Kraken, and GSR.
Take a look at Evernorth’s official financial policy. This outlines how often the company plans to purchase XRP, if there is a blackout window, and its hedging rules. Evernorth also provides details about the custody provider and its key performance metrics such as its “XRP per share” value. The company also plans to participate as a validator on the XRPL network and use the RLUSD stablecoin as an entryway into DeFi. The S-4 filing should clarify the company’s plans.
Once XRPN is listed, investors and market observers should keep an eye on the details of PIPE, Evernorth’s first disclosed XRP purchase, and its quarterly report. These metrics reflect whether the company is achieving its goal of expanding into the largest public XRP treasury.
