Evernorth has planted its flag in Japan. The company, which aims to build a massive public XRP treasury, launched a Japanese-language account to provide market updates and local analysis around XRP. Its opening message sounded confident: ‘Japan believed in XRP early on. Together, we will build from here.’
A Symbolic Move, Not (Yet) Substance
Before getting caught up in the euphoria, it is worth assessing what is actually happening. Evernorth stressed that this account will not discuss prices, and so far there are no details regarding a new office, licenses, products, or specific investments in Japan. The focus remains limited to communication and local engagement - with the company’s headquarters still based in San Francisco, US.
Even so, Japan is not an arbitrary choice. The country has long served as a key hub for Ripple’s business network through SBI Holdings, which established SBI Ripple Asia back in 2016. SBI itself has committed $200 million to Evernorth’s plans, joining other heavyweight backers such as Ripple, Pantera Capital, Kraken, and Arrington Capital.
The Road to Nasdaq - and the Remaining Hurdles
This is where the core of Evernorth’s ambitions lies. The company plans to go public via a merger with Armada Acquisition Corp. II, targeting the ticker symbol XRPN on Nasdaq once the transaction is completed. They claim to have secured over $1 billion in committed capital to establish a public XRP treasury, having previously reported holdings of 473 million XRP.
However, the finish line has not been crossed just yet. The listing is still awaiting final approval - SEC filings indicate that the registration statement is not yet effective, and Armada shareholders must still approve the merger. In other words, the $1 billion figure remains a plan rather than a finalized public market reality.
Part of Japan’s XRP Momentum
This expansion coincides with several other moves by Ripple and SBI in Japan. These include the launch of the RLUSD stablecoin in Japan - approved by the Financial Services Agency (FSA) and accessible via SBI VC Trade - as well as SBI’s planned acquisition of the Bitbank exchange. Together, these developments show that Japan is emerging as a major center of gravity for the XRP ecosystem.
For XRP enthusiasts, the momentum is undeniably appealing - a strong institutional foundation, massive capital commitments, and Nasdaq just one step away. But that final step is often the hardest. Until the SEC grants its approval and Armada shareholders give the green light, the story of this $1 billion treasury is still awaiting its defining chapter.
As reported by crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
