Evernorth, a crypto vehicle backed by Ripple, revealed it will go public through a merger with Armada Acquisition Corp II and plans to raise over $1 billion in proceeds. According to a Reuters report, the listing is scheduled to complete in the first quarter of 2026.
The capital raise is projected to be over $1 billion, including contributions from major crypto firms as well as from Japanese investment firm SBI Group, who is reportedly said to be adding around $200 million and Ripple’s co-founder among others. Once listed, Evernorth will publicly trade and hold large volumes of XRP, thereby bringing crypto-asset exposure into a regulated equity format.
Ripple’s engagement with Evernorth
Ripple is not just a backer, the move ties closely with its strategy to promote XRP adoption and institutional footholds. The fact that one of ripple’s major executives (a former board member) will step into Evernorth’s management, emphasises that there will the close synergies. This comes as a win-win situation for both parties. Ripple benefits from increased institutional legitimacy for XRP, and Evernorth benefits via Ripple’s ecosystem positioning. The fundraise effectively gives Ripple an indirect mechanism to scale XRP holdings through a publicly-listed entity.
Evernorth is a newly-formed venture backed by Ripple that will function as a crypto asset treasury company. Its primary mandate is to accumulate large holdings of XRP (the native Ripple token) and invest via acquisitions and hiring of investment teams. Evernorth will act like a publicly-listed vehicle whose asset base is heavily crypto-native.
This kind of model marries traditional capital-markets structure (U.S. listing, SPAC/merge) with digital-asset holdings. On October 16, 2025, Ripple acquired treasury management leader GTreasury for $1 billion.
For markets, it opens a pathway where crypto-native holdings can be accessed via public equities. It also raises questions about asset valuation, regulatory oversight, and how such treasury firms manage volatility and token concentration.