Evernorth Holdings Paves Way for $1 Billion XRP Treasury Plan

Evernorth Holdings, a company linked to Ripple, has made significant progress in its plans to become the world's largest publicly traded XRP treasury company. The company has filed an S-4 registration statement with the US Securities and Exchange Commission (SEC), which outlines a business combination between Evernorth Holdings and Armada Acquisition Corp. II, a Cayman Islands-based special purpose acquisition company (SPAC).

The SEC filing reveals that Ripple Labs contributed over 126 million XRP tokens to the company in a private placement at a signing price of $2.36609, while Advance Funding Subscribers committed $214.05 million in cash plus 600,000 XRP tokens. Evernorth already holds 388 million XRP tokens purchased at an average price of $2.44, making it the largest institutional XRP holder.

The company plans to actively grow its XRP holdings over time through institutional lending, liquidity provisioning, and decentralized finance (DeFi) participation. This includes operating XRP validators and using Ripple's RLUSD stablecoin as an on-ramp into XRP-based DeFi.