Evernorth Holdings, the new institutional platform backed by Ripple veterans and major crypto investors, is going public with a different playbook: building an active XRP treasury instead of simply tracking token prices. The Nevada-based company announced its merger with Armada Acquisition Corp II, securing over $1 billion in expected proceeds to fund open-market XRP purchases and ecosystem growth.
Unlike a traditional ETF, Evernorth aims to increase the amount of XRP per share by deploying its treasury into lending and liquidity operations.
The model echoes traditional asset management strategies but applies them to blockchain markets, a sign that institutional finance is moving past passive exposure and into active participation.
CEO Asheesh Birla, a longtime Ripple executive, said Evernorth was created to “capitalize on institutional demand for compliant, yield-generating digital assets.”
Evernorth’s strategy focuses on utility-driven growth through payments, lending, and DeFi participation. Ripple CEO Brad Garlinghouse said, “Asheesh and team are building something special with Evernorth”.
Active treasury model signals new institutional playbook
Evernorth’s launch reflects a institutional trend, with crypto increasingly viewed as part of emerging liquidity management frameworks rather than purely speculative markets. By positioning XRP as a yield-bearing treasury asset, Evernorth blends traditional finance with blockchain tools, echoing early Bitcoin treasury models but with an added yield focus.
Evernorth’s debut aligns with Ripple’s expansion, as XRP gains institutional traction. XRP futures on CME have surpassed $3 billion in volume, with regulated products now spreading across global markets.
If July’s XRP futures fed market frenzy, Evernorth’s treasury model seeks to channel that volatility into strategy, positioning XRP as capital, not just chatter.
Also read: XRP Futures ETFs Debut While Market Eyes Spot Approval
