Ripple is doubling down on XRP. Its recent initiative, Evernorth, is in readiness to raise more than $1 billion in a Nasdaq listing. The capital will assist in the construction of one of the biggest XRP treasuries in the business.
Evernorth plans to hold significant XRP as the basis of a massive investment approach in digital holdings.
A Ripple-Backed Powerhouse
Evernorth collaborates with Ripple, led by Asheesh Birla, a former Ripple executive, as its current CEO. The company will become public by merging with Armada Acquisition Corp. II, which is a SPAC firm. Evernorth expects to raise over $1 billion in proceeds, securing a strong start as it enters the public market.
I’m proud to share that we’ve launched @evernorthxrp, a first-of-its-kind institutional vehicle built to accelerate XRP adoption. With over a decade of uptime and a rapidly growing DeFi ecosystem, XRP is well-positioned for adoption — and Evernorth is built to meet that moment.… pic.twitter.com/2YGgQsNWCd
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
SBI Holdings, once affiliated with SoftBank, is contributing $200 million to the raise. It will receive equity in exchange. Ripple co-founder Chris Larsen, Pantera Capital, and Kraken are joining the round, boosting Evernorth’s credibility.
A Big Bet on XRP
Evernorth’s main focus is on accumulating XRP. It will be an online treasure store, deftly operating and expanding its portfolio in the Ripple ecosystem token. Birla says Evernorth will also explore acquisitions and build an investment team to support its expansion.
🚨JUST IN: #Ripple-backed Evernorth plans a Nasdaq listing to raise over $1 BILLION — aiming to build the largest publicly traded $XRP treasury, as per Reuters. pic.twitter.com/akt6fVjpy1
— Coin Bureau (@coinbureau) October 20, 2025
He noted that this kind of crypto-asset strategy isn’t new; many similar ventures have emerged around Ethereum. Evernorth aims to differentiate itself by focusing on the XRP ecosystem. To commit to the role, Birla announced he’ll be stepping down from Ripple’s board as he takes the helm at Evernorth.
A Bold Move Amid Market Uncertainty
Evernorth’s billion-dollar listing comes at a time when the crypto market is still recovering from recent volatility. Earlier this month, digital assets plunged amid rising trade tensions between President Donald Trump and China.
Nonetheless, the eagerness is high. With support from top investors and Ripple’s influence, Evernorth is putting strong emphasis on XRP. This step has the potential to generate a new institutional interest in the token.
JUST IN: Evernorth, backed by Ripple, plans Nasdaq listing to raise over $1 billion for building the largest publicly traded $XRP treasury – Reuters. pic.twitter.com/KP0IIx3nnN
— Whale Insider (@WhaleInsider) October 20, 2025
Conclusion
Evernorth’s plan to raise $1 billion and hoard XRP through a Nasdaq listing could potentially reshape the nature of crypto treasury operations. It is a gamble on the future of the Ripple ecosystem and an indicator that large amounts of money are still pouring into digital assets regardless of the market conditions.
Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.
The post Ripple-Backed Evernorth Plans $1B Nasdaq Listing for XRP appeared first on Altcoin Buzz.
