Evernorth Holdings is making strategic moves to go public through a merger with Armada Acquisition Corp II, targeting the Nasdaq under the ticker XRPN. The company, backed by Ripple, boasts a significant crypto treasury that includes 388 million XRP tokens, valued at approximately $812 million. CEO Asheesh Birla expressed optimism about the favorable regulatory climate for cryptocurrencies in the U.S., suggesting that this is an opportune moment for their business model to be public.
Birla pointed out that despite recent challenges in the crypto treasury sector, Evernorth is positioned well to adapt and thrive. “The timing couldn’t be more perfect. We have the right kind of regulation, administration, and institutions ready to adopt,” he asserted during an interview with Nasdaq MarketSite.
The cryptocurrency landscape experienced a remarkable surge in 2025, largely attributed to the return of Donald Trump to the White House, which resulted in crypto-friendly policies and regulatory appointments. However, as 2025 ended, enthusiasm waned, and many crypto treasury firms faced a significant drop in valuations, shifting market dynamics that have led some to halt their crypto purchases altogether.
While Bitcoin treasury purchases were primarily driven by a larger strategy over the past week, Ethereum acquisitions remained largely centered around Bitmine. XRP treasuries, on the other hand, have almost entirely stepped back from buying activity. Evernorth’s XRP holdings were acquired at an average price of $2.44, yet current trading prices around $2.09 have left the company with substantial unrealized losses and a cost basis of nearly $948 million.
Despite the prevailing disinterest toward treasury investment, Birla emphasized Evernorth’s role extends beyond merely providing exposure to XRP’s price fluctuations. The company addresses critical aspects such as custody, compliance, and security, making it easier for businesses to engage with cryptocurrencies. “A large lion’s share just wanna buy a public stock. We made it as easy as buying a public stock,” he explained. Additionally, Evernorth plans to generate yield from its XRP holdings to reinvest in acquiring more tokens.
Positive developments for XRP include the successful launch of XRP exchange-traded funds (ETFs), which have garnered over $1.2 billion in assets since November, with only one day registering outflows. This performance surpasses that of Bitcoin and Ethereum ETFs in the same timeframe. Birla noted the recent momentum, stating, “Record-breaking last few weeks for XRP ETFs. That shows there’s demand to get exposure to XRP.”
Looking ahead, Birla believes that two key factors will determine the survival of XRP treasuries: scale and proactive engagement. “You have to have scale. Evernorth is the largest XRP treasury out there,” he pointed out, emphasizing the necessity of being active stewards that contribute to the growth of the XRP ecosystem.
Others in the market have echoed this sentiment, with Bitwise CIO Matt Hougan remarking on the challenges faced by XRP in establishing its product-market fit. The performance and strategic decisions made in 2026 will be crucial in determining whether the current demand translates into sustained growth or fades away.
