Ripple-supported digital asset firm Evernorth Holdings is making significant strides toward launching a publicly traded XRP treasury product, amassing a massive stockpile of XRP tokens now valued at over $1 billion. This strategic accumulation positions the company as a major institutional player in the XRP ecosystem and marks a pivotal step in their plan to introduce a dedicated XRP financial instrument on the Nasdaq stock exchange.
As of the latest data, Evernorth holds approximately 388.7 million XRP tokens. With XRP’s market price surpassing $2.60 at the time, the total value of these holdings crossed the $1 billion threshold. This milestone was achieved just days after the company officially launched on October 20, signaling its intent to drive institutional adoption of XRP through a structured and publicly accessible vehicle.
Evernorth’s upcoming financial product, expected to trade under the ticker symbol XRPN, aims to offer investors exposure to XRP in a regulated and transparent manner. The initiative is designed to appeal to both traditional market participants and crypto-native investors seeking a more conventional entry point into XRP markets.
The company is led by Asheesh Birla, a longtime Ripple executive who spent 12 years at the blockchain firm before transitioning to his new role. In October, Birla stepped down from Ripple’s board of directors to assume the dual role of CEO and chairman at Evernorth, reinforcing the company’s strategic alignment with Ripple’s long-term vision for XRP utility and adoption.
Evernorth’s development is also closely tied to its planned merger with Armada Acquisition Corp II, a special purpose acquisition company (SPAC). Through this merger, Evernorth anticipates raising a minimum of $1 billion in capital. This funding round includes backing from prominent industry players such as Ripple, Japan-based SBI Group, Pantera Capital, Arrington Capital, Kraken, and the nonprofit Rippleworks Foundation.
“We’re supported by a world-class coalition of investors who believe in the future role of XRP in the financial system,” Birla stated. “This includes institutions that have long been aligned with Ripple’s mission and share our conviction that XRP is poised for mainstream adoption.”
Evernorth’s emergence comes at a time when market interest in XRP-based investment products is on the rise. Speculation around the potential approval of spot XRP exchange-traded funds (ETFs) in the United States has intensified in recent weeks. However, regulatory uncertainty — particularly due to delays caused by the ongoing U.S. government shutdown — has cast doubt on the timeline for such products to hit the market. While other digital assets like Hedera (HBAR) and Litecoin (LTC) are expected to debut as ETFs on the Nasdaq, XRP’s path remains less clear.
Despite regulatory hurdles, the broader market reacted positively to Evernorth’s announcement. XRP saw a price increase of 8.6% shortly after the company’s launch, with its overall market capitalization climbing by roughly $13 billion — a reflection of investor optimism tied to institutional involvement.
Looking ahead, Evernorth aims to play a critical role in shaping the future of digital asset investment. By offering a publicly traded XRP treasury, the firm intends to bridge the gap between decentralized finance and traditional capital markets. The XRPN product is expected to provide transparency, liquidity, and accessibility for investors who prefer regulated investment vehicles over direct token exposure.
In addition to its treasury initiative, Evernorth is reportedly exploring other financial products centered around XRP, including structured notes and yield-bearing instruments. These products, if developed, could further diversify the ways institutional and retail investors interact with XRP.
The company also plans to invest in technologies that enhance XRP’s real-world utility. This includes potential partnerships with fintech firms, payment processors, and blockchain infrastructure providers, all aimed at expanding XRP’s use cases beyond remittances and cross-border payments.
Furthermore, Evernorth’s strategy aligns with Ripple’s broader goal of establishing XRP as a foundation for enterprise-level blockchain solutions. By leveraging Ripple’s network and expertise, Evernorth is well-positioned to attract corporate clients and institutional capital to the XRP ecosystem.
Evernorth’s entry into public markets could also serve as a litmus test for other crypto-native firms considering similar moves. If successful, XRPN could pave the way for a new generation of token-based investment products that operate within the regulatory frameworks of major financial exchanges.
As the crypto industry continues to mature, initiatives like Evernorth’s XRP treasury represent a significant evolution in how digital assets are packaged, regulated, and distributed to investors. The company’s success could mark a turning point for XRP’s perception in traditional finance circles, potentially opening the door to broader adoption and integration.
In conclusion, Evernorth’s rapid accumulation of XRP, strategic leadership, and backing from prominent investors suggest a well-orchestrated plan to institutionalize access to XRP. With its Nasdaq listing on the horizon and a growing ecosystem of support, Evernorth is positioning itself as a key player in the next phase of XRP’s journey toward mainstream financial relevance.