Ripple-Backed Evernorth Targets $1 Billion Raise In US IPO For XRP Reserve
A brand new XRP treasury might be on the horizon, pushed by Ripple-backed Evernorth’s plans for an preliminary public providing (IPO) within the US. Evernorth announced on Monday that it intends to go public on the Nasdaq by means of a merger with the blank-check firm Armada Acquisition Corp II, projected to boost over $1 billion in capital.
Evernorth’s $1 Billion Merger And XRP Treasury Launch
This strategic initiative comes within the wake of a major legal victory for Ripple, because the US Securities and Exchange Commission (SEC) concluded a high-profile lawsuit that accused the corporate of promoting unregistered securities to institutional buyers.
Under the present administration the regulatory company has taken a brand new crypto-friendly strategy, additionally dropping lawsuits towards different key gamers within the trade.
Evernorth has said that the anticipated merger, anticipated to be finalized within the first quarter of 2026, will set up it as the biggest publicly traded XRP treasury firm. On the matter, Evernorth’s CEO Asheesh Birla said:
Evernorth is constructed to supply buyers extra than simply publicity to XRP’s worth. As we capitalize on current TradFi yield era methods and deploy into DeFi yield alternatives, we additionally contribute to the expansion and maturity of that ecosystem. This strategy is designed to generate returns for shareholders whereas supporting XRP’s utility and adoption. It’s a symbiotic mannequin: our technique is designed to align with the expansion of the XRP ecosystem.
Ripple Co-Founder And Major Firms Join The Venture
The fundraising effort additionally features a substantial $200 million funding from Japanese agency SBI, which has historic ties to SoftBank, in change for fairness within the enterprise. Birla emphasised Evernorth’s intent to discover acquisition alternatives, stating that the corporate plans to construct out its funding workforce because it grows.
The deal has garnered the participation of Ripple co-founder Chris Larsen, in addition to notable digital asset companies like enterprise capital agency Pantera Capital, and cryptocurrency change Kraken.
This announcement follows Ripple’s latest acquisition of GTreasury, which was heralded as a major development in its development technique.
Ripple goals to supply options that enable firms to unlock idle capital, leveraging the multi-trillion-dollar world repo market by means of partnerships, such because the one with prime dealer Hidden Road.
As Bitcoinist reported, this acquisition marks the blockchain fee firm’s third main transaction in 2025, following its earlier procurements of prime dealer Hidden Road and stablecoin platform Rail.
As of this writing, XRP is buying and selling at $2.47, up almost 3% over the previous 24 hours because the broader crypto market sees a slight restoration from final week’s crash, which introduced worry and uncertainty again to the trade.
Featured picture from DALL-E, chart from TradingView.com
