Evernorth Holdings, supported by Ripple leadership, has filed a registration statement with the SEC to merge with Nasdaq-listed SPAC Armada Acquisition Corp. II., a move designed to launch the largest public XRP treasury on U.S. exchange.
The company plans to offer institutional investors regulated access to XRP through active treasury strategies-lending, DeFi participation, and liquidity provision. It has raised over $1 billion from key players including Ripple, Arrington Capital, SBI Holdings, Pantera Capital, and Kraken.
SBI Holdings committed $200 million, underscoring deep ties to the XRP ecosystem. The transaction is expected to close in the first quarter of 2026, with shares trading under ticker XPRN, pending regulatory and shareholder approval.
A pivotal shift occurred in March 2026 when both the SEC and CFTC classified XRP as a digital commodity-not a security-ending years of legal uncertainty. This decision has catalyzed institutional adoption, with over 300 financial institutions across 55 countries using the XRP Ledger for cross-border settlements, processing about 3 million transactions daily.
Ripple’s 2024 stablecoin now holds a $1.5 billion market cap and dominates over 80% of stablecoin volume on the network.