Evernorth SPAC to Raise $1B and List XRPN for XRP Exposure

Published: 2025-10-30 06:46:54 |

Evernorth has agreed to merge with SPAC Armada Acquisition Corp. II to raise more than $1 billion and list on Nasdaq as XRPN in Q1 2026. The funds will build a $1 billion XRP corporate treasury through open-market purchases. SBI Holdings leads with a $200 million commitment, joined by Ripple, Pantera Capital, Kraken and GSR. As an equity vehicle—not a spot ETF—Evernorth will actively manage XRP per share. Strategies include market buys, institutional lending, liquidity provisioning and DeFi yield. The plan also integrates Ripple’s RLUSD stablecoin to bridge centralized and decentralized finance. Former Ripple board member Asheesh Birla will serve as CEO while Ripple remains a strategic investor. Evernorth will follow standard SEC reporting and audited disclosures. Market-hours liquidity aims to simplify XRP exposure for corporate treasurers and institutional investors. Traders should watch SPAC filings, PIPE allocations and redemption levels. Quarterly XRP purchase reports will offer transparency. If approved by shareholders and regulators by early 2026, this SPAC deal could drive systematic institutional buying, boost XRP demand and enhance token utility.

Bullish

This SPAC merger positions XRP for significant institutional adoption. By raising $1 billion to build a corporate treasury, Evernorth creates systematic demand through open-market purchases. Active management strategies, including DeFi lending and liquidity provisioning, enhance XRP’s utility. Standard SEC reporting and audited disclosures lower entry barriers for institutional investors. The planned Nasdaq listing as XRPN provides a familiar equity vehicle for corporate treasurers seeking crypto exposure. Historically, institutional treasury buys and transparent reporting have driven bullish momentum in digital assets. Therefore, this deal is likely to boost XRP price both short-term—on deal approval and initial buy announcements—and long-term, as recurring quarterly purchases and new DeFi integrations sustain demand.