Ripple-Backed Evernorth Amasses $1B XRP Treasury Ahead of Nasdaq Listing
Evernorth’s XRP Holdings Cross $1 Billion
Evernorth Holdings, a Ripple-backed digital asset firm, has accumulated more than $1 billion in XRP as part of plans to create an institutional XRP treasury, according to data from CryptoQuant. As of Monday, the company held 388.7 million XRP tokens, worth just over $1 billion at current market prices above $2.60.
The milestone follows Evernorth’s official debut on Oct. 20 as a new vehicle for . later than the launch was announced, XRP rose 8.6% and added roughly $13 billion in market capitalization, data from CoinGecko showed. XRP traded around $2.66 at the time of publication.
Nasdaq Listing Plans and Corporate Backing
Evernorth plans to list a publicly traded XRP treasury vehicle on the Nasdaq platform under the ticker XRPN, according to CEO Asheesh Birla. A 12-year Ripple veteran, Birla resigned from Ripple’s board of directors in October to lead Evernorth as both chief executive and chairman.
The firm is preparing to merge with Armada Acquisition Corp II, a special purpose acquisition company, through which it expects to raise at least $1 billion in total funding. Investors include Ripple, SBI Group, Rippleworks, Arrington Capital, Pantera Capital, and Kraken. The merger would position Evernorth among the largest XRP-linked entities in the market.
“We’re backed by a world-class group of investors and leaders, including SBI, Ripple, Arrington Capital, Pantera Capital and Kraken — firms that share our conviction in XRP’s future,” Birla said Friday.
Investor Takeaway
Regulatory Context and Market Implications
Birla said the timing aligns with the clearest U.S. regulatory environment XRP has had to date. “For the first time, XRP has clear regulatory standing in the United States, opening the door for large-scale adoption,” he said, describing Evernorth as “a trusted, transparent bridge to the public markets.”
Ripple’s long-running legal dispute with the U.S. Securities and platform Commission was largely resolved in July 2023, when a federal court ruled that XRP sales on public platforms were not securities transactions. That outcome restored institutional interest in the token, which has since been relisted on major platforms and integrated into new payment and settlement platforms.
With its new capital and Ripple’s backing, Evernorth aims to channel XRP into designed for professional investors. Analysts say the vehicle could function similarly to gold-backed ETFs, giving institutions a regulated way to hold exposure to the asset while consolidating on-chain liquidity through a corporate treasury model.
Broader Market Reaction
The XRP market has rallied in tandem with news of Evernorth’s launch. The token’s 8.6% gain last week outpaced most large-cap digital assets, with traders citing the $1 billion treasury as a confidence signal. Daily trading volumes rose to their highest since June, driven by speculation over a potential spot XRP platform-traded fund (ETF) in the U.S.
While investors await clarity on ETF approvals, Evernorth’s model offers an alternative route for public market exposure. XRP advocates say a listed treasury vehicle could bring deeper liquidity and improve price stability through institutional demand. Others remain cautious, noting that any delay in SEC approvals for XRP-linked products could sluggish momentum despite Evernorth’s progress.
Investor Takeaway
Outlook
Evernorth’s debut marks the latest effort by Ripple-affiliated entities to link blockchain assets with traditional capital markets. If its Nasdaq-listed XRPN product succeeds, it could accelerate XRP’s integration into regulated investment portfolios alongside products. With more than $1 billion already in reserve, Evernorth’s next step will be converting market enthusiasm into sustained institutional participation.
