Evernorth’s $1B SPAC Deal Set to Unleash the World’s Biggest XRP Treasury—What’s Next for Crypto?
Ever wondered what it takes to shake up the XRP scene with a staggering $1 billion splash? Well, Evernorth Holdings Inc. just dropped a bombshell by announcing their plans to go public through a SPAC merger, aiming to build the world’s largest institutional XRP treasury. Leading the charge is SBI Holdings with a hefty $200 million commitment, backed by a powerhouse lineup including Ripple, Pantera Capital, and Kraken—with none other than Ripple’s CEO, Brad Garlinghouse, stepping in as strategic advisor. But here’s the kicker: Evernorth isn’t just parking their XRP in a passive ETF; instead, they’re jazzing things up with active management strategies like institutional lending and DeFi yield generation to crank up those returns. This move dwarfs previous corporate XRP hoards and signals a bold leap in how blockchain assets are embraced by institutions. Curious how this will ripple through the market and what it means for crypto investors? Dive into the full story and explore the future of XRP exposure. LEARN MORE.
Key Notes
- SBI Holdings leads a $200 million commitment alongside Ripple, Pantera Capital, and Kraken, with Brad Garlinghouse serving as strategic advisor.
- The company will actively manage XRP holdings through institutional lending and DeFi yield generation rather than operating as a passive ETF vehicle.
- Evernorth’s $1 billion commitment dwarfs existing corporate XRP treasuries like VivoPower’s $100 million and Nature’s Miracle’s $20 million allocations.
On October 20, Evernorth Holdings Inc. announced it will go public via a SPAC merger with Armada Acquisition Corp II. The company aims to build the world’s largest institutional XRP
XRP
$2.49
24h volatility:
3.9%
Market cap:
$149.47 B
Vol. 24h:
$4.27 B
treasury. Both companies’ boards unanimously approved the transaction, which will generate over $1 billion in gross proceeds.
The new company will allocate most of these proceeds to purchase XRP on the open market. Upon closure, Evernorth will trade as “XRPN” on Nasdaq, pending standard approvals, and will provide investors a regulated vehicle for liquid exposure to XRP. The transaction is expected to close in the first quarter of 2026, subject to regulatory and shareholder approvals.
SBI Holdings Leads $200 Million Funding Round
Many companies are backing this initiative, the principal is SBI Holdings, who will power the fundraising with a $200 million commitment. Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen, are joining the effort.
Ripple’s CEO Brad Garlinghouse and key executives take on strategic advisory roles to Evernorth, fostering operational independence while keeping strong connections with the XRP ecosystem, according to the press release.
Asheesh and team are building something special with @evernorthxrp. We are proud to partner with him — and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… https://t.co/qeAqXtmQcV
— Brad Garlinghouse (@bgarlinghouse) October 20, 2025
Active Investment Strategy Targets DeFi Yields
Evernorth will not operate as a passive ETF but as an active investment vehicle. Its model actively increases XRP per share through institutional lending, liquidity provisioning, and DeFi yield generation.
The company seeks to create shareholder returns and enhance XRP’s utility by participating in validator responsibilities and integrating with Ripple’s RLUSD stablecoin.
XRP Price Jumps 2.4% as Institutional Adoption Grows
The announcement drove XRP’s price up 2.4% over 24 hours, according to CoinMarketCap. While the broader crypto market remains neutral, XRP stands among the day’s top gainers.
Graphic price of XRP at the time | Source: CoinMarketCap
Several firms allocate part of their balance sheet to XRP, but Evernorth’s public effort will be the largest focused exclusively on the asset. We can make some comparison with some of the more famous:
These firms made large but smaller moves than Evernorth’s $1 billion-plus open-market buy and managed structure. The trend shows public companies increasingly using blockchain tokens as reserves. XRP’s growing DeFi ecosystem and regulatory clarity, with the Ripple lawsuit over, support its appeal.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.
