Evernorth, Founded by Ripple Alum Asheesh Birla, to Launch as Largest XRP-Based Public Company
Asheesh Birla, former general manager of Ripple's cross-border payments network and a founding team member since 2013, has launched Evernorth, an XRP treasury company. The firm is set to go public via a merger with the SPAC Armada Acquisition Corp. II (AACI) on October 8 under the ticker XRPN. Evernorth plans to hold approximately $700 million worth of XRP at launch and will offer investors exposure to the cryptocurrency through traditional stock ownership, bypassing crypto exchanges or wallets. Evernorth is expected to become the largest public company with an XRP treasury commitment, surpassing existing firms like Trident Digital ($500M) and Webus International ($300M). The merger includes $300 million in gross cash proceeds from Armada Acquisition Corp. II and over $1 billion raised through private placements, much of which is contributed in XRP rather than USD. Ripple CEO Brad Garlinghouse serves as an advisor to Evernorth, while the company's backers include Ripple itself along with Kraken, SBI Holdings, Pantera Capital, and Arrington Capital. The move reflects a growing trend among public companies investing heavily in cryptocurrencies.
Topics: Blockchain Cryptocurrency Ripple Treasury Company XRP