Evernorth Holdings Inc. and Armada Acquisition Corp II will merge to create a new publicly traded company, according to PR NewsWire.
The merger will generate $1 billion in gross proceeds, which will then be used to buy XRP, making it the biggest XRP treasury.
Ripple and Ripple’s co-founder Chris Larsen joined in on this new company’s funding round, and Ripple CEO Brad Garlinghouse is set to be a strategic advisor to Evernorth.
Another company that joined in on the funding round was SBI Holdings, investing $200 million. Other companies that contributed include Pantera Capital and GSR.
Evernorth plans to actively manage its holdings through “lending, liquidity provision, and DeFi yield opportunities” as a way to push XRP adoption further.
Evernoth will appear on Nasdaq under XRPN. The deal is expected to go through in early 2026.