Speaking during a shareholders’ presentation last month, SBI Group CEO Yoshitaka Kitao outlined SBI’s ongoing operations and future strategy. Although his remarks were delivered in Japanese, they were translated into English by prominent XRP community member Crypto Eri. In the presentation, Kitao emphasized SBI’s involvement in the Evernorth project, an initiative aiming to establish the world’s largest XRP treasury.
World’s Largest XRP Treasury Underway
Last month, Evernorth announced plans to merge with Armada Acquisition Corp II, a strategic move aimed at creating the world’s largest XRP treasury. In practical terms, this means the new entity intends to acquire and hold XRP as a treasury asset. The merger is expected to be completed in the first quarter of 2026, and the combined company will go public on Nasdaq under the ticker symbol XRPN.
Several major investors are backing this ambitious XRP treasury initiative. Large sums of capital and XRP have already been committed, with SBI Group and Ripple among the most significant contributors. SBI Group has allocated $200 million to purchase XRP directly from the open market, extending its long-standing partnership with Ripple and the broader XRP ecosystem.
Ripple, in turn, is contributing more than $500 million in a mix of cash and XRP. Ripple co-founder Chris Larsen has also personally contributed 50 million XRP. Additional institutional investors, including Kraken, Pantera Capital, Arrington Capital, and others, have collectively added over $600 million to support the project.
As of November 4, Evernorth held roughly 473,276,430 (473.27 million) XRP, currently valued at approximately $1.04 billion. These tokens were distributed across several XRPL wallets, with one wallet containing around 45 million XRP, another holding about 42 million XRP, and the remaining balances spread across additional wallets.
Why Evernorth’s XRP Treasury Will Be Very Interesting
Speaking at the event, Kitao described the initiative as “very interesting.” In his view, once the merger is complete and the new company lists on Nasdaq, any increase in the stock price could significantly benefit SBI and the other investors involved.
In essence, Evernorth’s success could boost the overall value of its investments, making this venture one to watch closely.
Brenda Kanana
Evans Kelvin
