Evernorth Becomes the World's Largest XRP Treasury IP with $1 Billion

The Rise of Evernorth on Nasdaq

Evernorth, supported by digital payment giant Ripple, announced on October 20 that it will merge with Armada Acquisition Corp II and list on Nasdaq. The company aims to become the world's first treasury company to publicly trade XRP, the fifth largest cryptocurrency by market capitalization. Evernorth aims to raise over $1 billion through this initiative.

This move shows that major players see a corporate opportunity in XRP. However, skeptics warn of the risks of stock markets being closely tied to cryptocurrency volatility. Evernorth plans to focus solely on accumulating XRP during this process, with the expected merger completion forecasted for early 2026.

Corporate Support and Rally Expectations

The timing of Evernorth's public offering is no coincidence. This announcement came after the Securities and Exchange Commission cleared Ripple of the charge of selling unregistered securities. The removal of this legal uncertainty and the presence of a crypto-friendly government enables Ripple to make a substantial investment in the corporate adoption of XRP in traditional capital markets.

Evernorth's CEO Asheesh Birla stated, “We will look at acquisition opportunities.” Birla added that he would work full-time at Evernorth, having split from Ripple. The company plans to expand its investment team and raise funds.

Corporate support is significant. Japanese financial services firm SBI provided $200 million in exchange for equity, and Chris Larsen, co-founder of Ripple, along with digital asset firms Pantera Capital and Kraken are also participating in this funding round.

Market Risks and Opportunities

However, not everyone views the spread of publicly traded crypto treasury companies positively. With many companies combining crypto assets with stocks, concerns are growing about the implications of a correction in the stock markets. These risks became painfully apparent when a significant sell-off of crypto assets occurred after Donald Trump escalated the trade war with China. When crypto collapses, the stock values of companies holding significant amounts of digital assets can also plummet rapidly.

Birla emphasized how crowded this strategy has become in the crypto world by saying, “I lost track of how many asset-holding games are around Ethereum.”

Evernorth's Strategic Position

Despite intense competition, Evernorth believes its XRP-focused approach and corporate support provide it with a unique position. This deal offers investors the opportunity to gain direct exposure to moves in XRP prices, allowing transactions without the need for crypto exchanges or wallet management.

For XRP holders, Evernorth's entry as a major corporate buyer holds the potential to stabilize the token’s volatile price movements. However, for skeptics, this is seen as another example of the merging of crypto and stocks, potentially increasing systemic risks should digital asset markets experience a significant correction.

Investors will have the opportunity to determine whether Evernorth's billion-dollar investment in XRP marks the future of corporate crypto adoption or is merely a packaged speculative play.