Evernorth is poised to become a significant player in the cryptocurrency landscape, similar to how MicroStrategy influenced the Bitcoin market. With 388 million XRP tokens locked in ahead of its anticipated Nasdaq debut under the ticker XRPN, the company is essentially creating a public treasury. This innovative approach allows traditional stock investors to gain exposure to XRP without directly holding the cryptocurrency.
MicroStrategy’s success in turning Bitcoin into a substantial balance sheet asset—resulting in a stock increase of over 400%—has inspired Evernorth to adopt a similar strategy with XRP. The firm has already secured $1 billion in capital commitments, signaling strong confidence in its business model as it prepares to test this new framework in the first quarter of 2026.
Evernorth Holdings, founded in October 2025 and based in Nevada, focuses exclusively on building large-scale reserves of XRP for public investors. Unlike traditional firms that sell software or payment tools, Evernorth raises capital to invest directly in open-market XRP purchases. The firm is set to go public through a merger with Armada Acquisition Corp II, expected to conclude in Q1 2026. The merger is notable for its backing from prominent investors including Ripple, SBI Holdings—which contributed a $200 million anchor investment—Pantera Capital, Kraken, and GSR. The majority of the proceeds from this deal will be allocated to buying XRP.
The upcoming IPO addresses a significant barrier for many institutional investors, such as pension funds and endowments, which cannot hold cryptocurrencies directly but can invest in regulated equities. By listing on Nasdaq, Evernorth transforms XRP exposure into a compliant stock vehicle with audited reporting and qualified custody, offering a secure option for these investors.
Evernorth’s strategy extends beyond merely holding XRP. The firm plans to run validators and integrate with the XRP Ledger’s infrastructure, thereby generating income and potentially increasing the value of XRP shares over time. The company’s holdings of 388 million XRP were purchased at approximately $2.44 per token, representing nearly $947 million, which makes up about 0.64% of the circulating supply of XRP.
In comparison, MicroStrategy holds 713,502 BTC, roughly 3.6% of Bitcoin’s circulating supply, making Evernorth’s absolute investments significant despite a smaller percentage representation in the case of XRP.
Evernorth differs from other crypto treasury firms by adopting an active approach rather than functioning as a passive warehouse for cryptocurrencies. Its business model is focused on long-term accumulation of XRP, generating active yields, and engaging directly with the Ripple ecosystem. The company aims to participate on the XRP Ledger through roles such as validators and implementing RLUSD payment rails, which can create operational income streams and bolster its asset portfolio while remaining embedded in the network.
In partnership with t54 Labs, which started in January 2026, Evernorth will also manage lending, liquidity pools, and risk exposure through automated systems, enhancing yields through institutional lending and decentralized finance strategies.
As Evernorth’s treasury model unfolds, it could influence XRP’s market price significantly through 2026. Potential scenarios include:
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Bullish Outlook ($4.20-$5.10): If Evernorth raises over $2 billion and surpasses 500 million XRP, it could trigger sustained institutional buying pressure, leading to XRP prices potentially hitting the $4.20 to $5.10 range.
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Base Scenario ($2.70-$3.20): If Evernorth operates as a niche player with around $1 billion in assets, XRP prices may stabilize between $2.70 and $3.20, supported by its buying activity but not dominating market volume.
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Bearish Scenario ($1.70-$2.10): Should the SPAC redemptions limit Evernorth’s capital, XRP may weaken to a range of $1.70 to $2.10, particularly if retail trading volume declines and market support wanes.
Evernorth’s treasury model offers XRP a corporate buyer with the potential for long-term commitment and public market access. If the company successfully attracts ongoing capital and expands its treasury, the demand generated could transform XRP’s market dynamics significantly. The emergence of Evernorth as the “MicroStrategy of XRP” could redefine how cryptocurrencies are viewed and valued in traditional investment portfolios.
