Evernorth Submits IPO Application, Plans to Raise $1 Billion to Build the Largest XRP Treasury Company

Gate News, March 19 — Ripple-affiliated company Evernorth Holdings has filed an S-4 registration statement with the U.S. Securities and Exchange Commission, planning to go public on NASDAQ through a merger with Cayman Islands SPAC company Armada Acquisition Corp. II, with the stock ticker XRPN. The deal is expected to raise over $1 billion, making Evernorth one of the world’s largest publicly listed XRP treasury companies.

According to the filing, Ripple Labs has privately sold over 126 million XRP to Evernorth at a price of $2.36609 per token, with pre-paid fund subscribers committing to invest $214 million in cash and 600,000 XRP. Evernorth currently holds 388 million XRP, making it the largest institutional XRP holder. Unlike passive ETFs that only track prices, Evernorth will actively increase its XRP holdings through institutional lending, liquidity provision, and participation in DeFi, including operating XRP validators and using RLUSD stablecoins to access decentralized finance markets.

This listing provides a structured investment channel for pension funds, endowments, and asset management firms, allowing institutions to participate in the digital asset market through a combination of public markets and XRP blockchain infrastructure. Asheesh Birla, founder and CEO of Evernorth, stated that the company’s goal is to enhance financial transparency and efficiency, providing interconnected solutions for the global financial system.

Coinciding with the S-4 filing, the XRP ecosystem has reached new milestones: active addresses hit a five-week high of 46,767, total holders surpassed 7.7 million, setting a new record. XRP’s market cap is approximately $93.03 billion, with a trading price of $1.52, reclaiming the fourth spot in the global cryptocurrency rankings. Spot XRP ETF inflows have exceeded $1.24 billion, surpassing Solana ETF, offering more market tools for institutional investors.

As the listing process advances, Evernorth’s XRP holdings strategy and institutional market deployment will continue to attract attention, with market expectations of positive impacts on XRP’s long-term ecosystem value and global investor participation.