Evernode Announces $1 Billion IPO to Create the World's Largest XRP Treasury

Blockchain infrastructure company Evernode, with the support of Ripple, has unveiled plans for an initial public offering (IPO) aimed at raising over $1 billion (approximately KRW 1.42 trillion). The groundbreaking initiative, reported by CoinGape on October 20, seeks to drive global adoption of Ripple’s native cryptocurrency, XRP, and elevate its presence in institutional finance.

Building the World’s Largest XRP Treasury with Ripple’s Backing

Evernode has officially announced its intention to generate over $1 billion in funding through its proposed IPO. A significant $200 million (approximately KRW 284.7 billion) of this capital will come from Japan’s SBI Group, a prominent Ripple partner. Additional funding commitments have been secured from major players in the financial and cryptocurrency industries, including Ripple, RippleWorks, Pantera Capital, Kraken, and GSR. Furthermore, Ripple co-founder Chris Larsen has pledged personal investment to support the initiative.

The funds raised will primarily be used to acquire XRP on the open market, facilitating Evernode's goal of creating the largest institutional XRP treasury globally. This move aligns directly with Ripple’s overarching strategy to promote the adoption of XRP as a reserve asset, thereby reinforcing its role in the broader blockchain and cryptocurrency ecosystem.

Nasdaq Listing Planned Under the Ticker Symbol ‘XRPN’

To achieve its goal, Evernode has entered into a business combination agreement with Armada Acquisition I, a special purpose acquisition company (SPAC). Once the merger is finalized, the combined entity will retain the name Evernode and is set to list its shares on the Nasdaq exchange under the ticker symbol "XRPN."

In a separate but related development, Ripple has committed to strengthening Evernode’s XRP treasury by contributing part of its own holdings. Last week, Ripple moved $500 million worth of XRP (approximately KRW 711.7 billion) to a newly established account, which is currently in the process of implementing multi-signature authentication to ensure its security.

Leveraging XRP for Institutional Financial Systems

Evernode's ambitious IPO and treasury plans reflect a strategic push to enhance the infrastructure supporting Ripple’s ecosystem and expand XRP’s role in mainstream financial applications. By bridging the gap between blockchain technology and institutional finance, this initiative aims to position XRP as a viable and innovative solution for global payment systems.

Experts speculate that if successful, this bold strategy could significantly elevate XRP’s status as an institutional-grade asset. Its adoption as a reserve asset has the potential to influence international investment strategies and reshape the landscape of cross-border payments.

Pioneering the Future of Blockchain and Cryptocurrency

Evernode’s mission aligns with Ripple’s ongoing efforts to diversify XRP’s use cases and solidify its status as a key player in the financial sector. By establishing the largest XRP treasury in the world, Evernode endeavors to lead the charge in the evolving blockchain ecosystem and set a precedent for institutional innovation in the cryptocurrency space.

This initiative underscores a larger vision for the industry—one where digital assets like XRP are seamlessly integrated into conventional financial systems, driving efficiency, security, and global connectivity in payments and beyond. With backing from Ripple and a network of prestigious investors, Evernode is positioned to make a lasting impact in institutionalizing blockchain technology and digital currencies.