Ripple, SBI Holdings, Pantera mobilize $1 billion funding for XRP reserve company 'Evernorth'

Ripple, the issuer of XRP (XRP), Japanese financial giant SBI Holdings, and crypto venture capital firm Pantera Capital are teaming up to establish an XRP reserve company.

According to FXStreet on the 21st (Korean time), the XRP reserve company 'Evernorth' plans to pursue a public listing through a merger with the NASDAQ-listed SPAC (special purpose acquisition company) Amada Acquisition Corp. About $1 billion will be raised for this listing.

Most of the raised funds will be used to purchase XRP on the market and create the world's largest XRP reserve company. Major investors include SBI Holdings, Ripple and co-founder Chris Larsen, Pantera Capital, Kraken, and GSR.

After the merger is completed, the company name will remain 'Evernorth' and it will be listed on NASDAQ under the ticker 'XRPN'. The boards of both companies unanimously approved the deal, and the merger is expected to be completed in the first quarter of 2026 following regulatory and shareholder approvals.

Asheesh Birla, Evernorth's chief executive officer (CEO), said, "This strategy is intended to generate shareholder returns while expanding the utility and adoption of XRP," adding that it is "a symbiotic model where the growth and benefits of the XRP ecosystem are intertwined."

On this news, as of 7:22 AM that morning, XRP was trading at $2.49, up 3.87% from the previous day.