Evernorth positions itself as the first regulated, scalable investment vehicle dedicated to XRP. The company systematically purchases XRP on the open market and puts the tokens to work in DeFi lending, liquidity provision and other yield-bearing applications, thereby both amassing a sizable treasury and stimulating on-chain activity. Its model mirrors MicroStrategy’s Bitcoin strategy but adds active ecosystem participation, aiming to serve as an institutional bridge to the XRP asset class. Ripple’s longtime CTO David Schwartz has joined as a strategic adviser, underscoring Evernorth’s deep ties to the broader XRP community. The firm intends to become publicly traded through a merger with Armada Acquisition Corp II (Nasdaq: AACI) and list under the ticker “XRPN.” Backed by more than $1 billion in newly secured capital, Evernorth now has the balance-sheet firepower to execute its market-buying and deployment plan.

Total raised

$1.0B

Funding rounds

1

Latest round

Equity

Latest activity

Oct 2025