In the evolving landscape of digital assets, one move stands out: the creation of a publicly-traded corporate vehicle built explicitly to hold a single cryptocurrency on its balance sheet and offer equity investors indirect exposure.
This new structure represents a bridge between traditional securities markets and the token economy.
The Deal and the Funding
According to an X-post by Dominic Kwok, the company – Evernorth Holdings Inc. – is pursuing a business combination agreement via a SPAC merger with Armada Acquisition Corp. II (Nasdaq: AACI) to secure over $1 billion in gross proceeds.
The funding includes a reported anchor investment of $200 million from Japan’s SBI Holdings, as well as other strategic capital contributions from Ripple Labs, venture firms such as Pantera Capital, trading firms like Kraken, and notable participation from co-founder Chris Larsen. Once the deal closes (targeted for Q1 2026), Evernorth expects to trade on Nasdaq under the ticker “XRPN”.
everything you need to know about the first ever $XRP treasury company:
long-term goal: drive XRP…
Open-Market Acquisitions of XRP
Evernorth’s announced strategy emphasizes the use of net proceeds primarily for open-market purchases of the cryptocurrency XRP—rather than relying on issuer distributions or private placements.
By accumulating XRP on exchanges and potentially via OTC channels, Evernorth positions itself as an active treasury operator rather than a passive fund. The firm also plans to engage in yield-generation strategies (such as lending, liquidity provisioning, and DeFi) to grow XRP holdings per share over time.
Major Investors and Institutional Signal
The involvement of SBI Holdings, Ripple Labs, and Chris Larsen offers strong signaling to the market. With Ripple’s infrastructure and ecosystem alignment, and SBI’s financial backing, the vehicle gains legitimacy. Dom Kwok highlights that such participation applies not only to capital but also relationships deep in the XRP ledger ecosystem.
Major investors also include Pantera, Kraken, and GSR. For institutional investors, this means equity exposure to a crypto asset without directly holding it—and for the XRP ecosystem, it means a publicly accountable sponsor with large buying power.
Strategic Vision: Utility, Adoption and Institutionalization
Evernorth is not just a purchase machine. Its long-term goal is to accelerate the utility of the XRP ledger and contribute to the institutionalization of the asset. According to its release, Evernorth intends to engage in validator operations, use XRP as collateral in DeFi, support the stable-coin corridor around Ripple’s RLUSD, and generally provide product flows that increase real-world usage of XRP.
By providing a regulated, listed vehicle, Evernorth offers traditional capital markets investors exposure to XRP’s price dynamics, while also anchoring that exposure in an operational strategy aligned with the growth of the XRP ecosystem.
In summary, the establishment of Evernorth marks a significant milestone in the maturation of digital-asset strategy: for the first time, investors may gain “stock market access” to XRP via a dedicated equity vehicle raised to accumulate the token at scale, fully backed by major industry players, and structured with ambitious participation in the ecosystem’s utility.
Dom Kwok’s post frames this as the first of its kind treasury company, and the publicly available filings and announcements confirm the core mechanics, backers, and vision. For those watching the market, the crucial aspects to focus on include XRP’s acquisition rate, the board’s governance of holdings, the performance of yield strategies, and the model’s potential impact on institutions’ interest in token-based treasuries moving forward.