SBI, Ripple Fund $1B XRP Treasury via Evernorth SPAC
Evernorth Holdings has secured $1.1 billion in committed capital, including $300 million from Ripple, $200 million from SBI Holdings and $645 million from other investors. This funding underpins the creation of one of the world’s largest public XRP treasury funds. After merging with Armada Acquisition Corp. II via a SPAC transaction, Evernorth will list on Nasdaq as XRPN. It plans to deploy net proceeds within ten days of closing to buy over 560 million XRP on the open market. The XRP treasury will support institutional adoption by running validators on the XRP Ledger and offering XRP-backed lending and DeFi investment to generate yield. All financial reports will be independently audited to ensure transparency and strengthen market stability. The merger, advised by top Ripple executives and led by former Ripple executive Asheesh Birla as CEO, is expected to close in Q1 2026.
Bullish
This announcement is bullish for XRP. The $1.1 billion treasury plan, backed by Ripple, SBI and other investors, signals strong institutional demand. The SPAC listing will increase visibility and liquidity. The rapid deployment of capital to buy over 560 million XRP should tighten supply and support the price. The planned audited reports and governance measures also boost confidence. In the long term, running validators and offering XRP-backed DeFi lending could drive ongoing institutional adoption and network utility, creating sustained demand. Overall, this strategic consolidation of capital and institutional partnerships enhances market stability and is likely to lift XRP’s price trajectory.