Ripple backs $1B Evernorth deal to boost XRP ecosystem

Traders Union
All News
Crypto News
Ripple backs 1b evernorth

All news

Editors' Picks

Crypto News

Financial News

Market Voices

Billionaires

Companies

Broker News

Regulators News

Yaroslav Dmytrenko

20.10.2025

Ripple backs $1B Evernorth deal to boost XRP ecosystem — XRP rises after $1B public treasury plans revealed

On Monday, XRP received a boost from the announcement of plans to create the largest public XRP treasury, valued at $1 billion. As a result, Ripple Labs’ cryptocurrency rose 2.6% to $2.45.

About a week ago, Bloomberg reported that Ripple Labs was leading efforts to raise $1 billion for a new XRP treasury package. At that time, the news went largely unnoticed, overshadowed by the $1 billion acquisition of GTreasury.

According to new details, Ripple veterans and several crypto heavyweights will facilitate a SPAC merger between the newly formed company Evernorth and Armada Acquisition Corp II, a Nasdaq-listed special purpose acquisition company.

Following the expected completion of the deal next quarter, the combined entity will operate under the name Evernorth and trade on Nasdaq under the ticker XRPN.

The transaction is expected to generate more than $1 billion in gross proceeds, including $200 million from SBI, with additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR, as well as Ripple co-founder Chris Larsen and others. The net proceeds will primarily be used to purchase XRP on the open market, with the remainder allocated to working capital, general corporate purposes, and transaction expenses.

“Evernorth was created to give investors more than just exposure to the price of XRP,” said Evernorth CEO Ashish Birla. “By leveraging existing TradFi yield-generation strategies and integrating DeFi yield opportunities, we aim to help expand and strengthen the XRP ecosystem.”

A mission to grow the XRP ecosystem

Previously, Birla served as a senior executive at Ripple, where he played a key role in building and scaling the company’s cross-border payments business. While Evernorth will remain independently managed, Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz are expected to act as strategic advisors. Schwartz, one of the key architects of the XRP Ledger blockchain, will leave Ripple later this year.

According to the press release, Evernorth aims to drive long-term XRP share value through institutional lending, liquidity provision, and DeFi yield generation.

Evernorth also plans to invest in expanding the broader XRP ecosystem — including operating XRP validators, leveraging Ripple’s RLUSD stablecoin as a bridge to DeFi, providing liquidity, and supporting projects that enhance XRP’s real-world utility across markets.

As we wrote, Ripple billionaire club: What happened to early XRP owners

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.