Evernorth Gets 261M XRP from Ripple Ahead of Nasdaq Listing

Tech

Evernorth Gets 261M XRP from Ripple Ahead of Nasdaq Listing

• Evernorths XRP treasury accumulated 261.9M XRP ($639M value cited) from Ripple, Chris Larsen, others.
• This initial XRP transfer precedes a separate $1B cash fund planned for future XRP purchases.
• Evernorth targets a Q1 2026 Nasdaq listing (XRPN) via SPAC merger with Armada Acquisition Corp II.

Evernorth, a new XRP-focused treasury firm founded by former Ripple executive Asheesh Birla, has accumulated 261.9 million XRP as part of its ongoing effort to establish the worlds largest XRP treasury.

Blockchain data from XRPScan shows that the tokens, valued at approximately $639 million, were deposited between Oct. 20 and 24 into an address activated by BitGo on Oct. 17.

Evernorth Secures 261M XRP from Ripple, Larsen in Initial Treasury Build

The origins of Evernorths current XRP stash reveal deep ties to the core Ripple ecosystem. Think of this as laying the foundation with cornerstone contributions before opening the doors for wider investment. The sequence of major deposits includes:

• Chris Larsen (Ripple Chairman): Initiated the process on Oct 20 with a 50 million XRP transfer. While initially sparking brief community speculation about a sell-off (flagged by CryptoQuant analyst Maartunn), reports quickly clarified this was seeding the Evernorth treasury.
• Ripple Labs: Made multiple transfers on Oct 23, contributing the largest portion totaling over 211.3 million XRP.
• Uphold & Others: Exchange platform Uphold added approximately 200,000 XRP, alongside smaller contributions from other wallets, demonstrating broader ecosystem participation.

These transfers effectively represent an initial capitalization of the treasury , establishing a significant base holding managed via BitGo.

Nasdaq Listing (XRPN) Targeted Q1 2026 via Armada SPAC Merger

This treasury build-up is occurring in parallel with Evernorths public market ambitions. On October 20, the firm announced its intention to merge with Armada Acquisition Corp II, a special purpose acquisition company (SPAC). This well-established pathway allows Evernorth to bypass the traditional IPO process.

Upon successful completion of the merger, projected for the first quarter of 2026, the combined entity plans to list on the Nasdaq stock exchange under the ticker symbol XRPN. This listing aims to provide traditional investors with regulated, publicly traded equity exposure linked to a large-scale XRP treasury operation.

$1B Cash Fund Planned for Future XRP Buys; SBI Commits $200M

Crucially, the 261 million XRP tokens transferred so far are distinct from Evernorths next phase: raising a $1 billion cash investment pool explicitly earmarked for future XRP purchases on the open market. Community researcher WrathofKahneman (WOK) emphasized this distinction, clarifying that the current XRP deposits are foundational contributions, not market buys.

#Ripple & Larsen‘s 350m #XRP are separate from the $1b cash raised to buy XRP by Evernorth. It’s the starter kit.

$200m from SBI,

$200m optional from Ripple,

$600m from PIPE/public investors make up the $1 billion, which will be used to purchase XRP within 10 days after the… pic.twitter.com/0AWk1WFOVD

— WrathofKahneman (@WKahneman) October 22, 2025

This planned $1 billion fund reportedly has significant institutional backing already:

• $200 million committed by Japans SBI Group (officially confirmed).
• An optional $200 million potentially from Ripple.
• The remaining $600 million targeted from public investors, likely post-merger/listing.

Its this future cash fund, once deployed, that would directly impact XRPs market price through buy-side pressure.