Evernorth Holdings, a digital asset company with ties to Ripple Labs, has announced plans to go public through a merger with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company (SPAC). This strategic move aims to tap into the growing institutional demand for publicly traded digital asset treasury firms.
The transaction is expected to generate more than $1 billion in gross proceeds, including a $200 million investment from Japan’s SBI Holdings, a company with historical ties to SoftBank. Additional backing is anticipated from Ripple, Pantera Capital, Kraken, and GSR, according to the company.
Evernorth stated that the funds will be used to build one of the world’s largest XRP (XRP) treasuries through open-market purchases of the digital asset. Upon completion of the merger, the combined company is expected to trade on the Nasdaq under the ticker symbol XRPN.
Evernorth CEO Asheesh Birla explained that the new investment vehicle is designed to “accelerate XRP adoption” amid growing interest in decentralized finance (DeFi). It offers investors a public-market avenue to gain exposure to XRP and related digital-asset strategies.
This announcement follows reports that Ripple Labs plans to raise roughly $1 billion through XRP sales to establish its own digital-asset treasury by combining newly acquired tokens with part of its existing holdings.
Separately, Ripple recently agreed to acquire GTreasury, a corporate treasury management platform, in a deal valued at about $1 billion. This move aims to expand Ripple’s enterprise liquidity and payment infrastructure.
Meanwhile, other companies, including VivoPower, have unveiled XRP-focused digital-asset strategies, highlighting the increasing institutional interest in the token.
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### The Rise of Digital Asset Treasury (DAT) Strategies
Evernorth’s push to build a digital-asset treasury is far from unique. This year alone, dozens of companies have emerged with similar ambitions to stockpile cryptocurrencies as part of their corporate balance sheets.
Much of this movement traces back to Michael Saylor’s pioneering strategy, as his company became the first major public firm to adopt Bitcoin (BTC) as a primary treasury reserve asset—a position that has since grown to nearly 700,000 BTC.
Beyond Bitcoin, corporate treasury strategies have expanded to include assets such as Ether (ETH), Solana (SOL), Ethena (ENA), and others. Companies are increasingly exploring digital assets with strong growth narratives.
However, skepticism remains. Deng Chao, CEO of crypto venture firm HashKey Capital, noted that digital-asset treasury strategies still face doubts from traditional finance, posing a barrier to wider institutional adoption.
Others share similar concerns. David Bailey, CEO of Bitcoin treasury firm Nakamoto, argued that poor performance among altcoins has eroded confidence in the broader digital-asset treasury model.
“Toxic financing, failed altcoins rebranded as DATs, too many failed companies with no plan or vision. It’s totally muddled the narrative,” Bailey said.
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As digital assets continue to gain traction among institutional investors, the evolution of treasury strategies remains a dynamic space to watch. Evernorth’s upcoming public debut and Ripple’s expanding initiatives underscore the growing institutional appetite for digital asset exposure, even as challenges persist.
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