Evernorth Files SEC Registration for $1B XRP SPAC Merger

Evernorth Holdings, an XRP treasury company based in the United States, has filed a registration statement with the Securities and Exchange Commission (SEC) to go public via a SPAC deal. The deal aims to create a publicly traded company focused on holding XRP. The total funding is expected to exceed $1 billion, which will help with major purchases in cryptocurrency. 

The filing includes a preliminary proxy statement and a prospectus for the merger with Armada Acquisition Corp. II. Once approved, the new company will be listed on Nasdaq under the ticker symbol XRPN, and its warrants will be under the ticker XRPNW.

Evernorth’s $1B XRP Treasury Buildup

Evernorth earlier announced plans to raise over $1 billion through a SPAC and related private placements in October 2025. As part of the arrangement, Ripple Labs will invest $300 million in XRP, while SBI Holdings will contribute $200 million in cash. Institutional investors such as Pantera Capital, Kraken, and GSR, along with Ripple co-founder Chris Larsen, are also participating in the funding.

Arrington Capital, the project’s sponsor, brings valuable experience in digital assets to the table. The funds raised will primarily be used to purchase XRP on the open market, and the combined company is expected to hold at least 473 million tokens at launch. Some estimates suggest that this number could exceed 500 million XRP once all funds and acquisitions are finalized.

The company plans to actively manage its treasury by lending, providing liquidity, and generating potential earnings on the XRP Ledger. After the merger, Evernorth will operate as a Nevada corporation. The deal requires shareholder approval and final regulatory clearances before it can close in the first quarter of 2026.

XRP Trust Delivers Easy Crypto Exposure

The public listing provides traditional investors with easy, regulated access to XRP without having to hold the cryptocurrency directly. This approach is similar to how Saylor’s Strategy manages its Bitcoin holdings, though it is specifically tailored to the XRP ecosystem.

Recent regulatory updates have clarified the status of XRP, encouraging more financial institutions to participate globally. Notably, there are yield opportunities through decentralized finance protocols on the XRP Ledger that could increase share value over time. This structure may enhance liquidity and price stability for XRP as institutional demand continues to grow.

Meanwhile, XRP previously closed near $1.52 ahead of the filing. However, it dropped to approximately $1.46 by late March 18 and has remained around that level early today. The price change has aligned more with general market trends than with specific news-related buying activity.