A fresh XRP fund could be on the horizon, fueled by Ripple-backed Evernorth’s plans for a U.S. initial public offering (IPO). EverNorth announced on Monday said it intends to go public on the Nasdaq Stock Exchange through a merger with blank check company Armada Acquisition Corp II, which is expected to raise more than $1 billion in capital.
Evernorth’s $1 billion merger and XRP treasury launch
This strategic initiative follows a significant event legal victory for Ripple, after the US Securities and Exchange Commission (SEC) settled a high-profile lawsuit accusing the company of selling unregistered securities to institutional investors.
Under the current administration, the regulatory agency has adopted a fresh cryptocurrency-friendly approach, also waiving lawsuits against other key players in the industry.
Evernorth has he stated that the anticipated merger, which is expected to close in the first quarter of 2026, will position it as the largest publicly traded XRP treasury company. On this matter, Evernorth CEO Asheesh Birla stated:
Evernorth was created to provide investors with more than just exposure to the price of XRP. By leveraging existing TradFi yield strategies and implementing DeFi yield opportunities, we are also contributing to the growth and maturity of this ecosystem. This approach aims to generate returns for shareholders while supporting the utility and adoption of XRP. It’s a symbiotic model: our strategy aims to adapt to the development of the XRP ecosystem.
Ripple co-founder and major companies join the venture
The fundraising effort also includes a significant $200 million investment from a Japanese company SBIwhich is historically affiliated with SoftBank, in exchange for capital in the venture. Birla emphasized Evernorth’s intention to explore acquisition opportunities, stating that the company plans to expand its investment team as it grows.
The deal involved Ripple co-founder Chris Larsen, as well as prominent digital asset companies such as venture capital firm Pantera Capital and cryptocurrency exchange Kraken.
This announcement follows Ripple’s recent announcement acquisition GTreasury, which was announced as a significant advancement in its growth strategy.
Ripple aims to provide solutions that allow corporations to unlock untapped capital by tapping the multi-trillion-dollar global repo market through partnerships like the one with prime broker Hidden Road.
As a Bitcoinista reportedthe acquisition marks the blockchain payments company’s third major transaction in 2025, following previous purchases of master broker Hidden Road and stablecoin platform Rail.
At the time of writing, XRP is trading at $2.47, up almost 3% in the last 24 hours, while the broader cryptocurrency market is seeing a slight recovery from last week’s crash that brought fear and uncertainty back into the industry.
Featured image from DALL-E, chart from TradingView.com
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