Ripple-Backed Evernorth Targets $1 Billion Raise In US IPO For XRP Reserve

A new XRP treasury could be on the horizon, driven by Ripple-backed Evernorth’s plans for an initial public offering (IPO) in the ￰0￱ announced on Monday that it intends to go public on the Nasdaq through a merger with the blank-check company Armada Acquisition Corp II, projected to raise over $1 billion in capital. Evernorth’s $1 Billion Merger And XRP Treasury Launch This strategic initiative comes in the wake of a significant legal victory for Ripple, as the US Securities and Exchange Commission (SEC) concluded a high-profile lawsuit that accused the company of selling unregistered securities to institutional ￰1￱ the current administration the regulatory agency has taken a new crypto-friendly approach, also dropping lawsuits against other key players in the ￰2￱ has stated that the anticipated merger, expected to be finalized in the first quarter of 2026, will establish it as the largest publicly traded XRP treasury ￰3￱ the matter, Evernorth’s CEO Asheesh Birla stated: Evernorth is built to provide investors more than just exposure to XRP’s ￰4￱ we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ￰5￱ 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 ￰6￱ Co-Founder And Major Firms Join The Venture The fundraising effort also includes a substantial $200 million investment from Japanese firm SBI , which has historical ties to SoftBank, in exchange for equity in the ￰7￱ emphasized Evernorth’s intent to explore acquisition opportunities, stating that the company plans to build out its investment team as it ￰8￱ deal has garnered the participation of Ripple co-founder Chris Larsen, as well as notable digital asset firms like venture capital firm Pantera Capital, and cryptocurrency exchange ￰9￱ announcement follows Ripple’s recent acquisition of GTreasury, which was heralded as a significant advancement in its growth ￰10￱ aims to provide solutions that allow corporations to unlock idle capital, leveraging the multi-trillion-dollar global repo market through partnerships, such as the one with prime broker Hidden ￰11￱ Bitcoinist reported , this acquisition marks the blockchain payment company’s third major transaction in 2025, following its earlier procurements of prime broker Hidden Road and stablecoin platform ￰12￱ of this writing, XRP is trading at $2.47, up nearly 3% over the past 24 hours as the broader crypto market sees a slight recovery from last week’s crash, which brought fear and uncertainty back to the ￰13￱ image from DALL-E, chart from ￰14￱