Ripple-Backed Evernorth to Raise $1B for XRP Treasury

Evernorth, a new U.S.-based firm launched to enable institutional XRP adoption has revealed plans to join the list of corporate crypto investors. Based on a recent press release, the company is taking steps to raise $1 billion to purchase, XRP, the world’s fifth-largest cryptocurrency, as its reserve asset.

To achieve this goal, Evernorth is collaborating with publicly-listed blank-check firm, Armada Acquisition Corp II. Following the partnership, both companies will operate as Evernorth and go live on the Nasdaq stock exchange under the ticker symbol “XRPN.”

$1 Billion XRP Reserve

According to Evernorth, its publicly is expected to raise over $1 billion. This includes $200 million from SBI and investments from many renowned fintech and crypto platforms like Kraken exchange, Pantera Capital, and GSR. Most of all Ripple, the blockchain payment platform backing XRP would also be part of Evernorth’s top investors.

Commenting on what the company plans to accomplish via its XRP reserve, Asheesh Birla, CEO of Evernorth noted:

“Evernorth is built to provide investors more than just exposure to XRP’s price. As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”

Notably, XRP has not reacted significantly to Evernorth’s announcement. CoinMarketCap data shows that it has only witnessed a 3% surge within the past 24 hours and trades at $2.5 per coin.

Not the First

As the wave of institutional crypto investment continues over the past few months, many investors eye XRP as their primary reserve asset, expecting further uptrend in the coming weeks, while some want to hodl the token for the long-term. Notably, Ripple Labs is set to support interested companies with their XRP reserve initiative.

One of the companies on the corporate XRP investors list is the Singaporean digital firm, Trident Digital Tech Holdings, It plans to raise up to $500 million to establish an XRP reserve since June 2025. Chinese firm, Wabus international, also wants to join the movement via its $300 million fundraising plan for an XRP treasury.

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