Evernorth Holdings, a digital asset company backed by Ripple, is making significant strides toward launching its publicly traded XRP treasury vehicle. With an impressive accumulation of 388.7 million XRP tokens, valued at over $1 billion, the company is preparing for its debut on Nasdaq under the ticker symbol XRPN.
Recent data from CryptoQuant highlights that Evernorth holds 388,710,606.03 XRP, with each token trading at more than $2.60. This figure places the total value of its treasury at approximately $1 billion. The company’s accumulation is part of its official launch initiative that began on October 20, aimed at enhancing XRP adoption by providing institutional access.
Following the announcement of Evernorth’s formation, XRP’s value surged by 8.6%, resulting in a market capitalization increase of around $13 billion, according to CoinGecko data. The growing treasury is seen as a crucial step toward the upcoming launch of its Nasdaq-listed XRP fund.
The Nasdaq listing is part of a broader strategy that includes a merger with Armada Acquisition Corp II. Asheesh Birla, the former board member of Ripple, now serves as the CEO and Chair of the Board of Directors at Evernorth. In his recent statements, Birla expressed excitement about this new chapter, emphasizing the company’s commitment to providing a transparent, regulated structure for institutional investors seeking exposure to XRP.
Evernorth has garnered substantial backing from prominent investors, including Ripple, SBI Group, Rippleworks, Arrington Capital, Pantera Capital, and Kraken. These partnerships reflect a strong long-term confidence in XRP’s potential within the digital asset landscape. Through its current funding plan, Evernorth aims to raise at least $1 billion, having already achieved approximately 95% of this goal through XRP accumulation and the support of its investors.
As Evernorth gears up for its anticipated listing, the buzz surrounding spot XRP ETFs in the U.S. is palpable. However, reports indicate potential delays linked to ongoing regulatory challenges. On the same day that ETFs for Hedera and Litecoin started trading on Nasdaq, XRP ETFs may face additional scrutiny from the SEC. In the meantime, Evernorth’s approach to offering XRP access through a treasury structure could serve as a temporary alternative to a formal ETF, as the company continues to prioritize the expansion of institutional use for XRP through public market channels.
