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Asheesh Birla, a former Ripple executive, founded Evernorth, a new treasury company focused on XRP, which has accumulated 261.9 million XRP in its ongoing effort to establish the largest XRP treasury in the world. The tokens, valued at about $639 million, were deposited between October 20 and October 24, according to blockchain data from XRPScan.

These deposits, made into an address activated by BitGo on October 20 and 24, are part of the company’s strategic build-up.

Chris Larsen, Ripple’s chairman, initiated the process on October 20 by transferring 50 million XRP. After some community speculation about a potential sell-off- prompted by CryptoQuant analyst Maartunn- reports clarified that these transfers were actually seed funding for Evernorth’s treasury.

Evernorth’s plans to go public are progressing in tandem with this treasury development. The company announced its intention to merge with Armada Acquisition Corp II, a special purpose acquisition company (SPAC), on October 20. This route allows Evernorth to bypass the traditional IPO process. Following the merger, expected to be completed in the first quarter of 2026, the combined entity plans to list on the Nasdaq under the ticker symbol XRPN.

This listing will give traditional investors access to regulated, publicly traded equity tied to a substantial XRP treasury business. Importantly, Evernorth’s next step involves establishing a $1 billion cash investment fund dedicated to future open market XRP purchases, separate from the 261 million XRP tokens already transferred. Community researcher WrathofKahneman (WOK) emphasized this distinction, noting that the current XRP deposits are foundational contributions rather than market-driven investments.