Ripple Backs $1 Billion XRP Treasury Company

Ripple is backing a new publicly traded XRP treasury company, Evernorth Holdings, which aims to raise over $1 billion to accumulate XRP. The firm will merge with Armada Acquisition Corp II, forming a Nasdaq-listed entity under the ticker XRPN expected to close next quarter.

Evernorth’s funding round includes Ripple, SBI Holdings, Pantera Capital, Kraken, and Ripple co-founder Chris Larsen, with Ripple executives advising the project. The company said most proceeds will fund open-market XRP purchases, establishing the world’s largest public XRP reserve by market value.

Former Ripple executive Asheesh Birla will lead Evernorth, describing it as a hybrid treasury leveraging both TradFi yields and DeFi liquidity provisioning. He said the initiative is designed to grow XRP’s utility and adoption through validator operations, decentralized lending, and market-making participation.

Ripple CEO Brad Garlinghouse said Evernorth “aligns with XRP’s role as a global settlement asset,” emphasizing its institutional regulatory clarity in the US The firm plans to integrate Ripple’s RLUSD stablecoin into its DeFi strategies, expanding XRP’s reach across treasury, lending, and payments markets.

Solana Co-Founder Building New Onchain Perps Exchange

Solana co-founder Anatoly Yakovenko is developing a decentralized perpetual futures exchange named Percolator, according to GitHub documentation. The project features “sharded matching engines” that divide its order book into smaller, independent trading systems running concurrently for faster execution.

Developers said the model aims to optimize capital efficiency while preserving user safety through isolated routing mechanisms and transparent position tracking. Percolator will operate as a self-custodial onchain perps DEX, integrating advanced margin management and collateral tracking within the Solana ecosystem.

Yakovenko described the design as resistant to malicious activity due to its fully segmented infrastructure. Although no official launch date has been disclosed, Percolator’s completed data structures indicate the protocol is nearing functional readiness for broader developer participation.

VanEck Seeks Approval for Lido Staked Ether ETF

Investment manager VanEck has filed for an exchange-traded fund offering exposure to Lido’s staked ether, known as stETH. The ETF would track the token’s performance, giving institutional investors regulated access to Ethereum staking yields via traditional market structures. Lido Foundation executives said the filing underscores liquid staking’s importance as a growing component of Ethereum’s infrastructure.

The US Securities and Exchange Commission is reviewing the product amid a more accommodating policy on proof-of-stake assets. Regulators recently confirmed that staking receipt tokens like Lido's stETH do not represent securities under existing laws. If approved, the fund would be the first regulated vehicle allowing investors to gain exposure to staked Ether.

BlackRock Expands Bitcoin Access With UK Retail ETP

BlackRock has launched its iShares Bitcoin ETP on the London Stock Exchange, its first crypto product for UK investors. The physically backed securities are held in Coinbase custody, ensuring segregated cold storage and institutional-grade asset protection. The listing provides retail traders regulated Bitcoin exposure as the UK’s crypto investor base approaches four million participants.

The rollout follows BlackRock’s US Bitcoin ETF success, which became its most profitable fund within twenty-one months of launch. Analysts said the expansion signals accelerating acceptance of digital assets among global asset managers and regulators. Executives expect additional European ETPs to follow as oversight frameworks mature and institutional confidence in crypto products deepens further.

Data of the Day

US spot Bitcoin ETFs saw $1.23 billion in weekly outflows, marking their second-largest withdrawal since product inception. Data from SoSoValue showed heavy redemptions late in the week following volatility that pushed Bitcoin below $104,000 before a modest recovery. Analysts attributed the decline to trader repositioning ahead of anticipated macroeconomic policy shifts by the Federal Reserve.

Ethereum ETFs also recorded considerable withdrawals, extending a two-week correction in institutional crypto fund flows. Market strategists cited rising liquidity concerns and profit-taking after months of record inflows across digital asset products. Despite temporary pressure, analysts believe expectations of future rate cuts could restore demand as risk appetite returns later this quarter.

More Breaking News

• Polychain Capital has led a $110 million funding round to launch a Berachain crypto treasury, with $50 million in BERA tokens acquired on markets.
• Coinbase and Robinhood temporarily went offline for several hours after an Amazon Web Services outage, exposing major crypto platforms’ dependence on centralized infrastructure.
• Gemini has officially introduced a Solana credit card offering up to 4% SOL token rewards and optional staking, expanding its growing crypto payments portfolio.
• Elon Musk posted an AI-generated video of his Shiba Inu “Floki,” sparking a sudden 27% price surge in the Ethereum meme coin.
• Binance recently banned over 600 user accounts for using unauthorized third-party tools, warning violators could lose Alpha-event profits and platform privileges.
• Michael Saylor’s Strategy bought 168 additional Bitcoin worth $18.8 million, taking another step toward its ambitious 700,000 BTC accumulation target.
• New York Democrats have proposed a companion legislative bill taxing proof-of-work miners up to five cents per kilowatt-hour to fund energy affordability programs.
• ZachXBT reported hackers successfully stole $3 million in XRP from a US investor wallet and laundered funds through Huione-linked OTC channels.

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