XRPN Set to Dominate 2026 As Evernorth Builds Massive XRP Treasury

• Evernorth plans to build a large institutional XRP treasury through a Nasdaq-listed vehicle.
• The deal is expected to raise over $1 billion with backing from Ripple, SBI, and major crypto firms.
• The strategy focuses on yield, payments utility, and long-term XRP ecosystem growth.

The digital asset market is entering a new phase, one shaped less by short-term trading and more by structured capital, regulation, and enterprise demand.

Many market watchers now see 2026 as a turning point, when decentralized finance begins to operate at an institutional level. That shift took a concrete step forward with the public launch of Evernorth, a newly formed Nevada-based company focused on scaling XRP adoption for large investors.

Evernorth announced a business combination agreement with Armada Acquisition Corp II, a Nasdaq-listed special purpose acquisition company trading under the symbol AACI.

Once the transaction closes, the combined firm will operate as Evernorth and is expected to list on Nasdaq under the ticker XRPN, subject to standard listing approvals. The deal is scheduled to close in the first quarter of 2026 and has already received unanimous board approval from both companies.

Also Read: Nasdaq Welcomes XRPN: Evernorth and Armada Seal $1 Billion XRP Deal

Strategy Focuses on Growing XRP per Share via Yield and DeFi

This agreement is anticipated to raise more than $1 billion in gross proceeds. Roughly $200 million of this investment has been contributed by SBI, which has its headquarters in Japan.

This has been accompanied by contributions from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and other prominent fintech investors. Ripple Co-Founder Chris Larsen has also contributed to this fundraising.

Evernorth will be a growth-oriented treasury vehicle, not a spot exchange-traded product. The primary plan for the offering will be to use the net proceeds to acquire XRP in the open market, creating a large institutional XRP reserve.

Apart from diversification, Evernorth will increase value by lending, adding liquidity, and participating in the decentralized markets for XRP.

Such a strategy takes advantage of the regulatory stance of XRP in the United States and its long experience in cross-border payments.

Over a decade of stable operation of its network with high liquidity makes XRP one of the few cryptocurrencies that can be considered adoptable by institutional investors.

Independent Governance Structure With Ripple as Strategic Backer

Evernorth is headed by Chief Executive Officer Asheesh Birla. He was also working as the senior executive of Ripple, where he was part of the team responsible for the development of cross-border payment solutions.

The senior management of the company consists of CFO Matthew Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas, and CBO Sagar Shah.

Ripple is an investment partner, with management at Evernorth operating independently. The management at Ripple, led by Brad Garlinghouse, Stuart Alderoty, and David Schwartz, shall be strategic advisers rather than operators. They shall remain distinct entities as they help the ecosystem align.

Also Read: $1 Billion XRP Treasury by Evernorth Marks Major Leap for Institutional Adoption