Ripple-backed Evernorth to go public via $1B Nasdaq SPAC deal, aiming to become the largest XRP treasury

Ripple-backed crypto venture Evernorth is joining the public markets in a $1 billion Nasdaq SPAC deal with Armada Acquisition Corp II, signaling a major return of investor appetite for digital asset firms, Reuters reported. The company plans to become the largest XRP treasury, a move that aligns with Ripple’s broader goal of scaling institutional adoption of the token.

Evernorth’s listing adds to a growing trend of crypto startups going public through blank-check mergers. In July, The Ether Machine announced plans for a $1.6 billion SPAC merger, becoming the largest institutional bet yet on Ethereum. Together, these deals suggest that crypto ventures are re-entering public markets with new confidence after years of regulatory turbulence.

SPACs—short for special purpose acquisition companies—have become a popular shortcut for startups to go public without the traditional IPO process. These shell companies raise money from investors and later merge with a private firm, instantly turning it into a publicly traded entity. So far in 2025, SPACs account for 104 of the 168 IPOs in the U.S., or about 62% of the total, according to data from  SPACAnalytics.com.

The timing of Evernorth’s debut is no accident. It comes months after U.S. regulators closed a long-running lawsuit that accused Ripple of selling unregistered securities to institutional investors. With that cloud lifted—and a crypto-friendly Trump administration in place—Ripple and its affiliates appear eager to expand XRP’s footprint in traditional finance.

Evernorth describes itself as a digital asset treasury focused on accumulating XRP, currently the fifth-largest cryptocurrency by market value, according to CoinGecko. CEO Asheesh Birla, a former Ripple executive, told Reuters that he would step down from Ripple’s board to lead Evernorth’s operations. “I lost track around how many (asset holding plays) are there around Ethereum,” he said, hinting at his ambition to mirror Ethereum’s asset-holding ecosystem within the XRP network.

The deal is expected to close in the first quarter of 2026, creating what Evernorth says will be the largest publicly traded XRP treasury. The firm has already attracted heavyweight backers, including Ripple co-founder Chris Larsen, Pantera Capital, and Kraken, all of which have a history of funding similar digital asset plays. Japanese investment group SBI, formerly tied to SoftBank, is contributing $200 million of the total raise in exchange for equity.

Birla said Evernorth will use the funds to hire and build an investment team, with plans to “look at acquisition opportunities” that strengthen XRP’s institutional presence. The announcement comes amid broader market volatility. Earlier this month, digital assets experienced their largest selloff of the year after President Trump escalated his trade war with China, triggering sharp declines across major tokens.

Even so, Evernorth’s public debut highlights a growing willingness among investors to treat crypto assets as part of mainstream finance. As companies continue to wrap digital assets into equity structures, Wall Street’s relationship with crypto looks less like an experiment—and more like a long-term commitment.