Evernorth Builds 261M XRP Treasury Ahead of $1B SPAC Deal
Evernorth, backed by Ripple and founded by former Ripple executive Asheesh Birla, has built a 261.919 million XRP treasury worth over $639 million using on-chain purchases between Oct. 20–24, 2025. Key contributors include Chris Larsen (50M XRP), Ripple Labs (211.3M XRP), Uphold (199K XRP) and an address labeled Jana (300K XRP). The XRP treasury firm plans to merge with SPAC Armada Acquisition Corp II in Q1 2026. Post-merger, it will list on Nasdaq as XRPN and aims to raise $1 billion in cash—$200M confirmed from SBI, an optional $200M from Ripple and $600M from public investors—to acquire additional XRP within 10 days of closing. This SPAC-backed XRP treasury strategy could boost market liquidity and trader confidence. If fully deployed at current prices (~$2.41), Evernorth may accumulate 415–420 million XRP.
Bullish
Evernorth’s plan to build one of the largest XRP treasuries and its $1 billion capital raise via a SPAC merger signals significant upcoming buy pressure and enhanced market liquidity. In the short term, the initial on-chain accumulation of 261.919 million XRP demonstrates strong institutional demand, which can support higher price floors and reduce volatility. The promised $1 billion XRP purchases within 10 days of the SPAC closing will likely drive further bullish momentum, attracting traders anticipating increased demand. In the long term, listing on Nasdaq as XRPN and institutional backing from SBI and Ripple should boost market confidence and adoption, solidifying XRP’s utility and potentially sustaining upward price trends. Overall, this news is bullish for XRP.