XRP (CRYPTO: XRP) just got its first corporate treasury company. Strategy built a $60 billion Bitcoin treasury by buying BTC through a publicly traded company on Nasdaq. Now a group backed by Ripple, Pantera Capital, and Kraken is doing the same thing with XRP.
Evernorth Holdings filed its S-4 registration with the SEC on March 18 to go public on Nasdaq through a $1 billion SPAC merger. The company already holds 473 million XRP and plans to actively grow that position through lending, DeFi, and on-chain yield strategies.
What is Evernorth actually building, and what does 473 million XRP locked inside a public company mean for the XRP price? Let’s find out!
How Evernorth Plans to Turn 473 Million XRP Into a Nasdaq-Listed Business
Evernorth is merging with Armada Acquisition Corp. II, a special purpose acquisition company that already trades on Nasdaq. If the deal closes, the combined company will list under the ticker XRPN and operate as a publicly traded XRP treasury. The transaction targets over $1 billion in gross proceeds, which would make Evernorth the largest publicly traded company built around a single crypto asset other than Bitcoin.
The company’s 473 million XRP holdings didn’t come from one place. Evernorth spent $214.1 million in cash to buy 84.4 million XRP on the open market at an average price of roughly $2.54 per token. Ripple contributed another 126.8 million XRP directly under a contribution agreement, and the SPAC sponsor, Arrington Capital, added 211.3 million XRP through a separate funding round tied to the deal. At today’s XRP price of $1.45, the entire position is worth roughly $680 million, which is well below what was paid for it.
Evernorth’s CEO is Asheesh Birla, a former senior executive at Ripple who left to launch the company in 2025. Ripple, SBI Holdings, Pantera Capital, Kraken, and GSR all backed the deal alongside Arrington Capital, which also serves as Armada II’s SPAC sponsor. TechCrunch founder Michael Arrington runs Arrington Capital and has been one of the most active institutional investors in the XRP ecosystem for years.
Evernorth submitted its S-4 one day after the SEC and CFTC jointly classified XRP as a digital commodity on March 17. For a company building its entire balance sheet around a single token, that classification changes everything. Without it, a billion-dollar XRP treasury on Nasdaq would be one regulatory decision away from collapse.
How Evernorth Differs From an XRP ETF
U.S. spot XRP ETFs hold roughly $1 billion in combined assets and 772 million XRP locked in custody. They track the XRP price passively. When investors buy shares, the fund buys tokens and vaults them, and when they sell, the fund sells. Evernorth is built to do something that ETFs can’t: actively grow its XRP holdings over time and generate yield on the tokens it already owns.
The S-4 filing lays out the playbook. Evernorth plans to lend XRP through institutional channels, provide liquidity in pools pairing Ripple’s RLUSD stablecoin with XRP on the XRP Ledger, and run validators to support network operations. The company also plans to execute options strategies like covered calls and cash-secured puts to generate income from its treasury.
Evernorth partnered with t54 Labs in January 2026 to manage these strategies through automated systems with institutional risk controls. The goal is to increase XRP per share over time, so shareholders benefit from both the XRP price rising and the treasury itself getting larger. Between the ETFs and Evernorth, roughly 1.25 billion XRP now sits inside institutional vehicles, which is about 2% of the 61.2 billion circulating supply.
What Could Keep Evernorth From Moving the XRP Price
The deal hasn’t closed yet as the S-4 still needs SEC clearance and Armada II shareholders have to vote to approve the merger. Those shareholders can also redeem their shares, which would reduce the capital Evernorth has to buy more XRP. The treasury is already underwater too—Evernorth’s cash purchases averaged $2.54 per token, and XRP trades at $1.44 today, producing a $233.7 million impairment in 2025.
The yield strategy designed to grow XRP per share hasn’t been tested at scale either. The XRP Ledger’s native lending protocol hasn’t fully launched yet, and the DeFi liquidity pools and options strategies Evernorth outlined in the filing are plans on paper, not proven revenue streams.
At 0.77% of circulating supply, the Evernorth deal alone won’t move the XRP price. Strategy didn’t move Bitcoin’s price with its first $1 billion either—it took years of consistent buying at scale before the market started pricing in corporate treasury demand. What would matter is if Evernorth follows the same trajectory as Strategy, with institutional capital behind it, that’s when it could realistically impact the XRP price.
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