New XRP treasury vehicle aims to bring institutional exposure and transparency to the crypto market through Nasdaq listing
Evernorth Builds $1 Billion XRP Treasury Ahead of Nasdaq Debut
Evernorth Holdings, a Ripple-backed digital asset company, has taken a major step toward launching a publicly traded XRP treasury after amassing 388.7 million XRP, valued at over $1 billion. According to on-chain data from CryptoQuant, the accumulation marks a key milestone in the firm’s roadmap to establish institutional-grade exposure to XRP through traditional financial markets.
The company, which officially launched on October 20, aims to list its XRP treasury vehicle under the ticker “XRPN” on the Nasdaq exchange. The initiative is designed to bridge digital assets with public capital markets, offering investors direct access to XRP’s performance without requiring self-custody or crypto exchange exposure.
Following Evernorth’s debut, XRP surged 8.6%, adding roughly $13 billion to its market capitalization, highlighting growing investor optimism around regulated institutional adoption.
Institutional Backing and Strategic Partnerships
Evernorth’s funding stems from a strategic merger with Armada Acquisition Corp II, expected to raise at least $1 billion in total capital. The company’s investor lineup includes Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and the Rippleworks Foundation — signaling deep confidence in XRP’s long-term potential.
Evernorth’s CEO Asheesh Birla, a 12-year Ripple veteran, stepped down from Ripple’s board to lead the new venture. He emphasized that “for the first time, XRP has clear regulatory standing in the United States,” positioning Evernorth as a “trusted, transparent bridge to public markets.”
Industry analysts view the move as a transformative step for XRP’s mainstream adoption. One market strategist noted, “Evernorth’s Nasdaq listing could redefine how institutional investors gain exposure to digital assets beyond Bitcoin and Ethereum.”
The XRP community remains optimistic as anticipation builds for potential spot XRP ETFs in the United States. Although the SEC has delayed decisions amid ongoing government shutdowns, the launch of HBAR and Litecoin ETFs on Nasdaq suggests a broader acceptance of alternative crypto assets.
With Evernorth’s XRP treasury nearing its market debut, analysts say the project may set a new precedent for crypto-backed financial instruments, enhancing XRP’s role as a liquid, institutionally recognized digital asset in the global market.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.