Digital Asset Treasuries (DATs) have experienced significant growth this year, with public firms increasingly raising funds to acquire and hold digital assets like XRP. In June, Singapore-based Trident Digital announced plans to raise $500 million to build an XRP treasury. Earlier, Webus International revealed intentions to secure $300 million through non-equity funding for an XRP reserve to support its global chauffeur payment network. Additionally, Saudi Arabia-based VivoPower International outlined plans for a $121 million XRP treasury, underscoring rising corporate interest in the cryptocurrency.
In October, Evernorth entered a business combination agreement with Armada Acquisition Corp II, a deal expected to generate $1 billion in gross proceeds and establish the largest public XRP treasury company. On October 30, the combined entity began trading on Nasdaq under the ticker symbol XRPN. Ripple's Chief Technology Officer, David Schwartz, who is stepping back from day-to-day duties at year-end to join Ripple's Board of Directors, serves as a strategic advisor to Evernorth. He will join Evernorth CEO Asheesh Birla and Michael Arrington of Arrington Capital at the Ripple Swell event from November 4 to 5 to discuss expectations for Evernorth, XRP, and the expansion of DATs.
This follows Ripple's recent $1 billion acquisition of GTreasury, a fintech firm specializing in treasury management solutions, with further insights anticipated at the Swell event. Schwartz, as an original architect of the XRP Ledger, will provide perspectives on future developments in his new roles.
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