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Japan’s financial powerhouse SBI Holdings, Inc. (often referred to as the “SBI Group”) has announced a landmark investment of US$200 million into the U.S.-based firm Evernorth Holdings Inc., tasked with building the largest publicly traded treasury of the cryptocurrency XRP. The deal, detailed in a press release and confirmed by financial news outlets, signals a major institutional bet on XRP and its ecosystem.
What the investment covers
The agreement specifies that SBI will contribute US$200 million in cash as part of Evernorth’s upcoming fundraising round, executed via a PIPE (Private Investment in Public Equity) ahead of the company’s planned listing on the Nasdaq Stock Market under ticker symbol XRPN. Evernorth plans to raise over US$1 billion in total proceeds, which will be deployed primarily to purchase XRP on the open market and build a large-scale institutional treasury dedicated to the token.
The treasury will also engage in yield-generating strategies such as institutional lending and participation in decentralized finance (DeFi) protocols rather than simply holding XRP passively. According to SBI’s statement, these activities are meant to “continuously increase its asset value not only by holding XRP, but also by actively utilising institutional lending and DeFi.”
Strategic importance for SBI & XRP ecosystem
SBI has been a long-term promoter of XRP, both in Japan and internationally via ventures such as SBI Ripple Asia and collaborations with Ripple Labs Inc.. The new investment aligns with SBI's wider strategy of building a digital-asset-centred financial ecosystem.
For XRP, this initiative could mark a turning point: by enabling a regulated, publicly listed vehicle with audited governance to accumulate and manage large volumes of XRP, the token becomes more accessible to institutional capital. The fact that the treasury is public and audited (as stated) may enhance transparency and reduce perceived risk for large-scale investors.
Timeline and listing details
Evernorth is structured to complete a business combination with the SPAC Armada Acquisition Corp. II (“Armada II”) and upon closing become publicly listed. The boards of both companies have approved the merger, targeting a closing in the first quarter of 2026, subject to regulatory and shareholder approvals.
Once listed, the entity will operate under the name “Evernorth” with the ticker XRPN, offering investors a regulated equity vehicle intimately tied to XRP exposure and the growth of its ecosystem.
Risks & considerations
While the strategic move is ambitious, some key risks should be noted:
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The value of XRP remains subject to crypto-market volatility, regulatory developments, and broader macro-factors.
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Large accumulation and treasury strategies may face questions regarding liquidity, governance, and redemption risk.
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The success of the model (ac gaining value via lending/DeFi) depends on execution, market conditions and ecosystem adoption of XRP.
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As with any SPAC-related listing, the timing of closing, shareholder redemption rates and listing compliance may affect outcomes.
FAQs
Q1: What exactly is the relationship between SBI and Evernorth?
SBI Holdings is investing US$200 million into Evernorth via a PIPE investment as part of Evernorth’s plan to raise over US$1 billion and list publicly. Evernorth’s business is centred on building a large institutional treasury of XRP and offering a regulated public equity vehicle for exposure to XRP.
Q2: Why is XRP being chosen for this treasury model?
According to SBI, XRP benefits from a clearer regulatory framework (in the U.S.), proven use case in global payments, and existing infrastructure via Ripple Labs. Holding XRP via a regulated vehicle may appeal to institutional investors seeking crypto exposure with oversight.
Q3: When will Evernorth become publicly listed and what will its ticker be?
Evernorth is slated to complete a merger with Armada Acquisition Corp. II and become publicly listed on the Nasdaq under the ticker XRPN, expected in Q1 2026, subject to closing conditions.
Q4: What will SBI’s investment be used for?
SBI’s US$200 million will help fund the build-out of the treasury, which includes open-market purchases of XRP, institutional lending, DeFi strategies, and ecosystem infrastructure like validator operations for the XRP Ledger.
Q5: Does this mean SBI is replacing its reserves with XRP?
No The move is a strategic investment and not described as replacing SBI’s core reserves. It is part of expanding into digital assets and building a financial ecosystem around crypto rather than a full pivot of treasury reserves.
Q6: What does this mean for XRP holders and the broader crypto market?
For XRP holders, the development may signal increased institutional interest and infrastructure around their asset potentially boosting confidence and liquidity. For the broader crypto market, it reflects a growing trend of regulated vehicles and large-scale institutional frameworks being built around digital assets.