Ripple CTO Ends Speculation Over His Role in New $1 Billion XRP Treasury

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Ripple CTO Ends Speculation Over His Role in New $1 Billion XRP Treasury

Ripples chief technology specialist, David Schwartz, has broken his silence on speculation around his involvement with Evernorth, a newly launched XRP treasury vehicle that just announced plans to raise over $1 billion through a Nasdaq listing.

The firm, created via a merger with Armada Acquisition Corp II, is designed to operate like Strategy, but for XRP, absorbing supply from the open market and positioning itself as a long-term holder of the cryptocurrency.

The announcement, of course, created immediate buzz, as it was framed that Schwartz will “join” the project. However, within hours, the current Ripple CTO pushed back, clarifying that while he will advise the venture, he is not signing onto any arrangement that would consume his calendar beyond this year.

Im not making any commitments past the end of the year that put significant demands on my daily schedule.

— David ‘JoelKatz’ Schwartz (@JoelKatz) October 21, 2025

This clarification matters because previously Schwartz announced that he would be leaving his current CTO job to take a break from active business and focus more on the family side of life. Still, he is maintaining his connection to Ripple but through a board of directors.

That is why it was confusing for some XRP enthusiasts to learn that Schwartz will be taking an advisory role in the new entity, but he himself clarified this point. For XRP holders, the nuance matters. Schwartz is lending his expertise, not abandoning his current post.

Another Ripple executive leaving

Another Ripple executive, Asheesh Birla, is also stepping down from Ripple‘s board in light of a new $1 billion initiative, but to serve as its CEO. According to Birla, the company’s goal is to assemble a treasury war chest and pursue acquisitions in the wider digital-asset space, positioning XRP as the centerpiece of a diversified crypto portfolio strategy.

The market will be watching whether this structure, half Wall Street finance and half crypto-native conviction, finally gives XRP the kind of dedicated institutional sponsor it has long lacked.