Evernorth expands into Japan as $1B XRP treasury plan moves forward

Evernorth has launched a Japanese-language presence as the digital asset treasury company expands its work around XRP. 

The firm introduced a dedicated account for local updates and market analysis. In its opening message, Evernorth said, “Japan believed in XRP early on. Together, we will build from here.” The statement describes the company’s position, but it does not confirm a new office, license, product launch or investment in Japan.

The company said the account will explain market movements in simple terms and provide professional information. It also said it “will not discuss prices.” That limit keeps the channel away from direct XRP forecasts. Evernorth has not released details on staffing, partnerships or services tied to the Japanese account. 

The launch currently centers on communication and local engagement rather than a disclosed operating unit. The company presents the channel as a regional information service, while its website still lists San Francisco as its primary location in the United States.

SBI links Evernorth to Japan’s XRP market

Japan already holds a central place in Ripple’s business network through SBI Holdings. SBI and Ripple formed SBI Ripple Asia in 2016 to develop payment services across Japan and the broader region. 

SBI has also supported XRP-linked products, shareholder benefits and digital asset services through its financial companies. As crypto.news recently reported, Japan has built a broad regulated XRP ecosystem through SBI-led payment, stablecoin and tokenization projects.

SBI also committed $200 million to Evernorth’s planned transaction, according to company filings. Ripple, Pantera Capital, Kraken and Arrington Capital are among the other named backers. 

The Japan channel gives Evernorth a direct way to speak with a market where SBI already operates banking, securities and crypto businesses. However, neither company has announced a separate Japanese treasury vehicle or local fundraising plan.

Nasdaq listing remains under review

Evernorth plans to go public through a merger with Armada Acquisition Corp. II. The combined company expects to trade on Nasdaq under the ticker XRPN if the deal closes. Evernorth says the transaction has more than $1 billion in committed capital and aims to build a large public XRP treasury. As crypto.news reported in June, Evernorth filed an amended registration statement with the U.S. Securities and Exchange Commission.

The listing has not received final approval. An SEC filing states that the registration statement is not yet effective. Armada shareholders must also approve the merger, and the parties must meet other closing terms. 

The company’s expected Nasdaq debut, treasury size and use of proceeds remain forward-looking plans. Evernorth reported 473 million XRP in earlier filings, but the dollar value changes with XRP’s market price.

Japan expansion follows broader Ripple activity

Evernorth’s Japan launch comes as Ripple and SBI add more regulated digital asset services in the country. In June, Ripple and SBI launched the RLUSD stablecoin in Japan after approval from the Financial Services Agency. SBI VC Trade provides local access under Japan’s payment rules. SBI has also moved to acquire Bitbank, adding another exchange business to its wider crypto operation.

These developments create a familiar market for Evernorth, but the company has not said how its Japanese presence will connect with RLUSD, SBI VC Trade or Bitbank. Its public material focuses on XRP treasury management, lending, liquidity and participation in the XRP Ledger ecosystem. The new account may support education and business outreach, while the planned Nasdaq merger remains the company’s main corporate step.