Ripple CEO Brad Garlinghouse Hails Creation of World's Largest Institutional XRP Treasury

Ripple CEO Brad Garlinghouse Hails Creation of World's Largest Institutional XRP Treasury Ripple CEO Brad Garlinghouse has thrown his support behind a new, significant push to embed XRP deeper into the global financial fabric: the planned formation of the largest institutional XRP treasury in the world. The excitement stems from the announcement that Evernorth Holdings Inc., a new XRP-focused financial vehicle led by former Ripple executive Asheesh Birla, plans to go public via a merger with a Special Purpose Acquisition Company (SPAC), aiming to raise over $1 billion in gross proceeds. The primary objective of this massive capital raise is to purchase XRP on the open market and establish what is being touted as the largest publicly traded institutional treasury dedicated to the cryptocurrency. Garlinghouse confirmed Ripple's strategic involvement, stating, "Ripple has long championed XRP for its utility as a global asset for the efficient settlement of payments around the world. Evernorth is deeply aligned with that mission, bringing more use cases, participation, and confidence to the XRP ecosystem." Unlike passive crypto products, Evernorth intends to function as an active treasury, seeking to grow its XRP holdings per share by participating in institutional lending, liquidity provision, and yield-generating activities within the decentralized finance (DeFi) ecosystem. The initiative boasts heavyweight backing, with investors including SBI Holdings (committing $200 million), Pantera Capital, Kraken, GSR, and Rippleworks, alongside participation from Ripple co-founder Chris Larsen. Ripple executives, including Garlinghouse, are also set to serve as strategic advisors to Evernorth, ensuring strong alignment with the broader XRP Ledger ecosystem. This major development, which is expected to see the combined company trade on Nasdaq under the ticker "XRPN" in early 2026, signals a significant vote of institutional confidence in XRP's future, solidifying its position as a core asset in the evolving landscape of digital capital markets.