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About Evernorth
Evernorth is a digital asset treasury company focused on XRP, managing a large reserve of the token to generate returns through active strategies rather than passive holding. Its core approach involves using Ripple's RLUSD stablecoin to engage in decentralized finance activities such as lending XRP, providing liquidity, and deploying options strategies on the XRP Ledger (XRPL). This addresses the market pain point where large XRP holders lack efficient yield-generation channels, offering a regulated institutional vehicle to put idle assets to work.
In the past six months (February to August 2026), Evernorth progressed toward a Nasdaq listing via a SPAC merger, with its S-4 registration statement declared effective in late August. The company disclosed holding approximately 473.1 million XRP as of end-2025, acquired through public market purchases and contributions from Ripple and sponsors. However, it also reported a $233.7 million impairment on digital assets for 2025, reflecting the gap between purchase prices and lower market values. Additionally, Evernorth announced a collaboration with t54 Labs to integrate AI-powered agents for autonomous treasury workflows, including real-time risk checks and compliance monitoring, aiming to enhance operational efficiency while maintaining institutional-grade controls.
Evernorth, an XRP treasury company supported by Ripple, has key milestones in its development history:
In October 2025, Evernorth publicly launched and announced the signing of a business combination agreement with Armada Acquisition Corp. II, a NASDAQ-listed SPAC, planning to list on NASDAQ through a SPAC merger under the ticker symbol "XRPN." The company is positioned as an actively managed XRP treasury, distinct from passive ETFs, aiming to grow XRP holdings per share through institutional lending, DeFi yield strategies, and ecosystem participation.
In March 2026, Evernorth filed an S-4 registration statement with the U.S. Securities and Exchange Commission (SEC), formally advancing the SPAC merger listing process. The filing disclosed the company's business plan, financials, and long-term vision for the first time. The company has raised over $1 billion in gross proceeds, with investors including Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken.
These milestones mark Evernorth's progression from concept to public markets. If the SPAC listing is completed, it would become the first publicly traded treasury company on NASDAQ with XRP as its core asset, providing institutional investors with a regulated channel for XRP exposure.
Co-founders and core executives:
Asheesh Birla (CEO): Ex-Ripple, led enterprise products and scaling from startup to 1,000+ employees. MBA from Wharton, BS from University of Michigan.
Meg Nakamura (COO): Ex-Apto Payments founder/CEO, built card infrastructure for fintechs like Coinbase and Venmo. BA from Princeton.
Jessica Jonas (CLO): Ex-Gemini and American Express legal roles, served as CLO of Bitcoin Legal Defense Fund. JD from UNC School of Law, BA from Wesleyan.
Sagar S. (CBO): Ex-Ripple, led stablecoin and custody initiatives, previously at Salesforce and Citi. MBA from Wharton, BS from University of Michigan.