Ripple-Backed Evernorth to Launch $1B Public XRP Company

Crypto companies like Strategy for Bitcoin and Bitmine Immersion for Ethereum are trending. Now XRP is also getting such a publicly traded vehicle, with Ripple and partners raising $1 billion at launch.

A new crypto company is trading on XRP: The Ripple altcoin will be listed on the stock exchange in the future. A press release announced that Ripple has joined forces with partners to acquire the publicly traded Armada Acquisition Corp II via Evernorth. The acquisition is expected to begin in the first quarter under the ticker symbol XRPN. Evernorth expects to raise at least $1 billion, largely to use for XRP purchases.

This follows the example of other crypto companies such as Strategy (MSTR) and Bitmine Immersion (BMNR), which have been successful on exchanges by building reserves in Bitcoin and Ethereum, respectively. Evernorth aims to immediately become the largest XRP company in the world traded on the stock exchange, according to reports. Among Evernorth’s backers is major Ripple investor SBI, which is contributing $200 million.

Ripple co-founder Chris Larsen confirmed his investment via X and pledged 50 million XRP (current market value of around $120 million). Ripple itself and major names in the crypto industry such as Kraken and Pantera Capital also want to get involved.

Ripple executives advise XRP company Evernorth

It’s striking that Evernorth is heavily relying on Ripple in terms of personnel. Asheesh Birla, who worked at Ripple for more than a decade and was tasked with driving the use of XRP as an international bridge currency, serves as CEO. Ripple CEO Brad Garlinghouse, outgoing Chief Technology Officer David Schwartz , and General Counsel Stuart Alderoty have been recruited as strategic advisors.

Evernorth emphasizes that its concept differs from XRP ETFs. In ETFs, XRP serves as the passive basis for the financial product. Evernorth aims to increase its share value by actively leveraging its XRP reserves through institutional lending, providing liquidity, and deploying them in decentralized finance (DeFi), thus generating returns. Evernorth also plans to operate an XRP node and incorporate the Ripple stablecoin RLUSD into its strategy, according to the announcement.

Armada Acquisition Corp II (AACIU) initially failed to profit from the planned acquisition, with shares losing 2 percent on the day following the announcement. Armada Acquisition Corp II was listed as a so-called SPAC and was awaiting an acquisition. The company had previously had no involvement with XRP or other crypto assets. The acquisition by Evernorth is expected to be completed in the first quarter of 2026.

Conclusion: XRP company Evernorth will have to prove itself

Observers are concerned that Evernorth has close personnel and financial ties to Ripple. They see this as an opportunity to prove that XRP can be used profitably, as XRP critics regularly complain about the lack of monetary use cases for the Ripple altcoin.

Other crypto companies also have more than their fair share of fans. Strategy is considered a systemic risk to Bitcoin by parts of the crypto scene, with risky financing models being the core argument here. So let’s wait until XRP comes to the exchanges via Evernorth next year and see whether the markets are willing to accept a premium premium.

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