Ripple Backs Crypto Treasury Raising Over $1 Billion to Buy XRP

Ripple is behind a new publicly traded XRP treasury company called Evernorth, which aims to raise more than $1 billion and has recruited key Ripple backers to help with its push.

Built with contributions from Ripple itself, Ripple co-founder Chris Larsen, and notable crypto companies like Pantera Capital and Kraken, Evernorth will come together through a business combination with publicly traded special purpose acquisition company (or SPAC), Armada Acquisition Corp II.

The deal, which is expected to close in the first quarter of 2026, will generate net proceeds of more than $1 billion, which will primarily be used to purchase the Ripple-linked asset, XRP, on the open market.

“Evernorth was built to offer investors more than just exposure to the price of XRP,” Evernorth CEO Asheesh Birla, a former Ripple executive, said in a statement.

“As we capitalize on existing TradFi return generation strategies and deploy them into DeFi return opportunities, we are also contributing to the growth and maturity of that ecosystem,” he added. “This approach is designed to generate returns for shareholders while supporting the utility and adoption of XRP.”

The company will maintain an independent board from Ripple, but will receive strategic advice from the company and some of its key executives, such as CEO Brad Garlinghouse, Chief Legal Officer Stuart Alderoty and outgoing CTO David Schwartz.

“Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world,” Garlinghouse said in a statement. “Evernorth aligns closely with that mission and brings more use cases, participation and trust to the XRP ecosystem.”

In addition to building a massive XRP treasury, the company will work to promote and expand the adoption of the XRP ecosystem, including the XRP Ledger.

For example, it wants to participate in validator operations, DeFi and market development by providing liquidity and participating in projects that promote XRP.

“Evernorth’s strategy is not only intended to accumulate XRP as a reserve, but also to act as a long-term catalyst for the adoption and industrialization of the XRP Ledger,” the company said.

XRP is up 2% in the last 24 hours and is now changing hands at $2.44. However, shares of AACI fell about 2.5% to $10.21 on the news.

Evernorth’s $1 billion XRP treasury would make it the largest publicly traded XRP reserve, although others have made plans to accumulate the Ripple-linked holdings as well. In June, Trident Digital announced its intention to acquire up to $500 million worth of XRP. A week earlier, travel agent Webus also announced plans for an XRP treasury of up to $300 million.