Ripple-Backed Evernorth Plans to Raise Over $1 Billion in U.S. Listing, to Accumulate XRP

Ripple-Backed Evernorth Plans to Raise Over $1 Billion in U.S. Listing, to Accumulate XRP

Evernorth, a fintech firm supported by Ripple, announced on October 20 that it plans to go public through a merger with Armada Acquisition Corp II, aiming to raise over $1 billion in funding. Once listed, Evernorth would become one of the largest public companies holding XRP as a core treasury asset.

The fundraising campaign will focus on aggressively accumulating XRP, Ripple’s native token and one of the world’s top-five cryptocurrencies by market capitalization. The deal involves key backers, including Japan’s SBI Holdings, which pledged $200 million, along with major crypto investment firms such as Pantera Capital and Kraken Ventures.

Following the announcement, the broader crypto market showed early signs of recovery: Bitcoin climbed back above $110,000, and Ethereum traded near $4,000, signaling renewed optimism after a volatile start to October.

If the merger completes successfully in Q1 2026, Evernorth’s listing could serve as a powerful signal to institutional investors that holding crypto through public companies is becoming more viable and regulated.

Still, analysts caution that the plan carries risk — from potential regulatory pushback to XRP’s inherent price volatility — making Evernorth’s debut one of the most closely watched crypto-linked listings of 2026.