Evernorth’s XRP Treasury: A Jovial Jaunt to $1B and Beyond 🚀

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Evernorth Holdings Inc., a venture firm backed by Ripple with the audacious aim of shepherding institutional investors into the XRP fold, is set to make its grand public unveiling on Nasdaq, all while juggling a $1 billion treasure trove with the grace of a man dodging a particularly persistent wasp.

  • Evernorth’s initial $1 billion treasury gambit-because nothing says “cautious” like splashing cash on cryptocurrency.
  • Ripple’s protégé has secured backing from SBI Holdings, Kraken, and Pantera Capital-a veritable who’s who of crypto’s most fashionable investors.
  • XRP, the cryptocurrency that’s been busier than a beehive at a royal garden party, continues to attract investors like moths to a flame (or perhaps a very lucrative lawsuit settlement).

Evernorth plans to list on Nasdaq via a merger with the publicly traded Armada Acquisition Corp II, a maneuver so convoluted it would make a labyrinth look like a straight line. Details were released in a press release that likely caused more than a few eyes to glaze over.

The business combination, which involves more paperwork than a Victorian estate sale, will launch Evernorth with over $1 billion in proceeds-200 million of which come from SBI Holdings, while Pantera Capital and Kraken throw their hats into the ring like gentlemen at a charity auction.

This U.S. debut is expected to be the catalyst for Evernorth’s grand ambition: becoming the largest XRP treasury company in history. One might say it’s the talk of the town, though perhaps not the kind one discusses at afternoon tea.

An XRP Treasury Vehicle: Because Why Not?

Evernorth’s solution, which promises investors a “simple, liquid, and transparent” way to dabble in XRP, is as straightforward as explaining quantum physics to a goldfish. The publicly listed entity aims to outdo even the most basic ETFs, offering a smorgasbord of institutional lending, liquidity provisioning, and DeFi yield opportunities-because why settle for one flavor of financial chaos when you can have them all?

“Evernorth is built to provide investors more than just exposure to XRP’s price,” said Asheesh Birla, CEO of Evernorth, with the enthusiasm of a man who’s just discovered a secondhand suit fits perfectly. “As we capitalize on existing TradFi yield strategies and dip our toes into DeFi’s murky waters, we also contribute to the growth and maturity of that ecosystem. It’s a symbiotic model: our strategy aligns with the growth of the XRP ecosystem.”

Ripple’s CEO, Brad Garlinghouse, waxed poetic on X:

Asheesh and team are building something special with @evernorthxrp. We’re proud to partner with him-and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks. It’s like a crypto-themed dinner party where everyone brings their A-game… and their wallets. 🎉

This move comes mere days after whispers of Ripple’s $1 billion XRP treasury strategy and hot on the heels of acquiring GTreasury, a digital asset management firm. It’s a whirlwind of financial acrobatics that would make a Wall Street broker blush.

Ripple, once tangled in a legal tango with the SEC, has finally danced its final bow, much to the relief of all involved (except perhaps the lawyers). The U.S.’s newfound crypto-friendly stance is also giving this whole affair a nudge in the right direction.

XRP, the cryptocurrency that’s been in the spotlight more than a reality TV star at a red carpet event, is one of the contenders for the SEC’s coveted spot ETF nod. Whether it’ll secure the prize remains to be seen-or perhaps it’s already been decided over a cup of tea and a well-placed bribe.

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2025-10-20 18:07