- SBI Holdings invested $200 million in Evernorth via a PIPE deal ahead of its Nasdaq listing (“XRPN”).
- Evernorth plans to build one of the world’s largest XRP treasuries, manage it through DeFi and lending.
- The partnership with Ripple aims to give traditional investors a transparent, audited way to gain XRP exposure.
Financial conglomerate SBI Holdings, Inc. has announced a major strategic investment in Evernorth Holdings Inc., a U.S.-based company established to promote institutional adoption of the cryptocurrency XRP.
The move, made in partnership with Ripple Labs Inc., marks one of SBI’s largest commitments yet toward advancing XRP’s global utility.
$200 Million Investment in PIPE Financing
In a press release issued by SBI Holdings, the company revealed that it has invested $200 million in cash as part of a Private Investment in Public Equity (PIPE) round conducted by Evernorth.
The financing is linked to Evernorth’s upcoming business combination with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC), which will pave the way for Evernorth to list on the Nasdaq exchange under the ticker symbol “XRPN.” Evernorth expects to raise over $1 billion in total funding through the transaction.
Building One of the World’s Largest XRP Treasuries
Evernorth’s strategy focuses on acquiring XRP directly from open markets to establish one of the largest public XRP treasuries globally.
Unlike typical institutional holdings, this treasury will be actively managed through activities such as institutional lending, DeFi participation, and yield generation, to sustain long-term asset growth.
Also Read: XRP ETF Dreams on Hold: The Real Reason SEC Can’t Approve Anything Right Now
XRPトレジャリー事業を展開するEvernorth社への出資に関するお知らせ［SBIホールディングス］ https://t.co/hZaC71w4Xt
— 北尾吉孝 (@yoshitaka_kitao) October 21, 2025
To reinforce trust and transparency, the company confirmed that all financial statements will undergo independent audits by a major auditing firm, ensuring high standards of governance.
Regulatory Clarity and Institutional Access
SBI Holdings emphasized XRP’s strong regulatory position and established use case in cross-border payments as key factors behind its investment.
“XRP is one of the few digital assets whose regulatory framework in the United States is becoming clear and whose practicality for global payments has been proven,” the company stated.
The release described Evernorth’s Nasdaq listing as a “simple and highly liquid investment opportunity in XRP”, providing traditional investors with access to the asset through a regulated and audited public company, a model reminiscent of institutional vehicles like MicroStrategy for Bitcoin.
Driving Growth of the XRP Ecosystem
Beyond market accumulation, Evernorth intends to participate directly in the XRP Ledger’s ecosystem, including operating as a validator node to support network decentralization and security.
This integrated approach, SBI said, reflects a commitment to the long-term expansion and utility of the XRP Ledger.
“Evernorth’s efforts go beyond simple market trading; they pursue returns by participating in the growth of the entire XRP Ledger ecosystem,” the statement continued. “We believe this will be extremely significant in accelerating the further spread of XRP and its adoption by institutional investors.”
A Strategic Alliance for the Next Phase of Adoption
SBI Holdings and Ripple have maintained a long-standing partnership in promoting blockchain-based financial services across Asia. This latest investment signals a deepening collaboration aimed at bridging traditional finance and digital assets.
With Evernorth positioned to bring XRP exposure to regulated capital markets, industry observers see the move as a potential catalyst for renewed institutional demand and broader integration of XRP into the global financial system.
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