Evernorth Holdings, backed by Ripple, has unveiled plans to raise 1 billion. The goal for them is to create the worlds largest institutional XRP treasury. The move is part of its upcoming public listing through a merger with Armada Acquisition Corp AACI, a Nasdaq-listed special-purpose acquisition company.
According to Evernorth, the 1 billion in proceeds will be used mainly to purchase XRP on the open market, forming the backbone of its digital asset treasury. The remainder will fund operations and expansion.
CEO Asheesh Birla described the initiative as a symbiotic model that aligns shareholder returns with the long-term growth of the XRP ecosystem. Our strategy is designed to generate returns for shareholders while supporting XRPs utility and adoption, Birla said.
