Ripple has thrown its weight behind a new crypto treasury initiative, Evernorth, which is setting out to raise over $1 billion to acquire XRP tokens. This ambitious endeavor is being driven by a seasoned team with deep roots in the blockchain sector, including direct backing from Ripple itself and participation from high-profile entities such as Ripple co-founder Chris Larsen, Pantera Capital, and Kraken.
Evernorth plans to go public through a merger with Armada Acquisition Corp II, a special purpose acquisition company (SPAC). The transaction, expected to finalize in the first quarter of 2026, will generate net proceeds exceeding $1 billion. These funds will be deployed primarily to purchase XRP on the open market, significantly boosting liquidity and potentially influencing the token’s market dynamics.
Asheesh Birla, Evernorth’s CEO and former general manager at Ripple, emphasized that the company’s mission extends beyond mere price speculation. “Evernorth is designed to provide institutional investors with structured access to XRP’s ecosystem, not just its price swings,” Birla explained. He highlighted the growing demand among institutional players for compliant, transparent vehicles to gain exposure to digital assets.
The creation of Evernorth marks a strategic evolution in the way digital assets like XRP are integrated into traditional financial instruments. By channeling substantial institutional capital into a publicly listed treasury vehicle, Evernorth aims to offer a regulated and professionally managed entry point for investors who may otherwise be hesitant to engage directly with the crypto markets.
Ripple’s support for Evernorth underscores its continued commitment to the XRP ecosystem, even as the company navigates regulatory challenges in various jurisdictions. The move also aligns with Ripple’s broader strategy of expanding XRP’s utility across global financial systems, including cross-border payments and liquidity management.
The $1 billion capital raise signals institutional confidence in XRP’s long-term viability, especially in light of its recent legal clarity in the U.S. market. With the SEC case reaching partial resolution, XRP’s status as a non-security—at least for programmatic sales—has renewed investor interest and opened the door for renewed institutional involvement.
Beyond acquiring XRP, Evernorth may also explore ways to deploy the token within decentralized finance (DeFi) and other blockchain-based applications. This could include staking, lending, or providing liquidity to decentralized exchanges, further embedding XRP into the emerging digital financial infrastructure.
The structure of Evernorth as a publicly traded treasury also brings greater transparency and governance to crypto investment vehicles. Investors will be able to see how funds are allocated, how much XRP is being purchased, and how the asset is being managed—features that are often lacking in private crypto funds.
Moreover, the involvement of Pantera Capital and Kraken signals that established players in the crypto space see significant potential in consolidating XRP holdings under a compliant, structured fund. This could set a precedent for similar initiatives targeting other digital assets.
The timing of Evernorth’s creation is also notable. As the broader crypto market rebounds and institutional adoption accelerates, the availability of compliant investment vehicles like Evernorth could be key to unlocking the next wave of capital inflows into the sector.
In the long term, Evernorth could serve as a blueprint for how traditional and decentralized finance can intersect. By bridging the gap between public markets and blockchain-based assets, the company is positioning itself at the forefront of a financial transformation that is rapidly gaining momentum.
In conclusion, Evernorth represents a bold step toward institutionalizing XRP investment through public market mechanisms. With Ripple and other key players backing the initiative, and over $1 billion in capital targeted for deployment, the project could play a significant role in shaping the future of XRP’s adoption and utility in global finance.