Evernorth, a Nevada-based company, has announced that it will go public as one of the first XRP-based digital asset treasury (DAT) companies, but with a twist.

In a recent release, Evernorth highlighted that it was preparing to go public in Q1 2026 trough a special purpose acquisition company (SPAC) with Armada Acquisition Corp II, trading in Nasdaq with the XRPN ticker. The company will start operations with a war chest of $1 billion, including $200 million from Japan-based SBI, and more investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen also participated individually.

Evernorth will operate as a XRP-based DAT, offering a “regulated, transparent, and liquid exposure to XRP” for interested investors. Nonetheless, in addition, the company will differentiate from exchange traded products (ETPs) and other options by focusing on growing its XRP per share using “active” procedures, including in institutional lending, liquidity provisioning, and other decentralized finance (DeFi) yield opportunities.

This includes using RLUSD, Ripple’s stablecoin, as a ramp in DeFi protocols to enable yield opportunities and promote the usage of XRP as a collateral asset.

Asheesh Birla, CEO at Everworth, highlighted that XRP represented a “rare opportunity,” being one of the few digital assets with “clear U.S. regulatory standing, deep liquidity, and a proven role in powering global payments.”

Ripple CEO Brad Garlinghouse, who is expected to serve as a strategic advisor, greenlighted the venture, stressing that it would help “bringing more use cases, participation, and confidence to the XRP ecosystem.”

Evernorth’s move is relevant to the space as it puts a XRP-based DAT in the public market, having the possibility of testing the demand and interest in such an offering for an altcoin initiative.

Until now, most of the DAT companies have based its strategy on acquiring Bitcoin and Ethereum, with little others have deviating from the formula pioneered by Michael Saylor’s Strategy. If successful, Evernorth might open the doors for more businesses to emulate its strategy with other digital assets.

Evernorth has the opportunity of showing that the idea of XRP as a digital reserve asset is feasible. Its future will ultimately depend on market reception and how the company navigates the hurdles of a public DAT initiative, and the level of revenue obtained from its operations.

• What is Evernorth planning regarding the public market?
  Evernorth is set to go public in Q1 2026 through a SPAC merger with Armada Acquisition Corp II, trading under the XRPN ticker on Nasdaq.

• What distinguishes Evernorth from traditional digital asset offerings?
  Evernorth aims to provide regulated and liquid exposure to XRP while focusing on increasing XRP per share through active strategies like institutional lending and DeFi yield opportunities.

• Who are the key backers of Evernorth’s venture?
  The company has secured a $1 billion war chest, including investments from SBI, Ripple, Kraken, and Ripple co-founder Chris Larsen.

• What potential impact does Evernorth’s strategy have on the cryptocurrency market?
  By introducing an XRP-based Digital Asset Treasury, Evernorth could pave the way for similar ventures, expanding investment options beyond bitcoin and ethereum in the altcoin space.

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