Evernorth is on the verge of launching its Nasdaq-listed XRP treasury vehicle, having amassed an impressive 388.7 million XRP at the current market price of $2.61. This translates to approximately $75 million in paper profits, given the initial entry price of $2.44.
At the helm of this initiative is Evernorth CEO Asheesh Birla, who recently announced that the company will be publicly traded on the Nasdaq under the ticker symbol XRPN. The listing has garnered support from notable investors and industry leaders, including Ripple, Pantera Capital, SBI, Kraken, and Arrington Capital. Among the prominent figures involved is Chris Larsen, co-founder of Ripple, who has made substantial investments in Evernorth’s funding round.
Reports indicate that Evernorth is set to go public via a merger with Armada Acquisition Corp II, positioning Birla, a former Ripple veteran of 12 years, to lead the new XRP treasury. Birla expressed ambitions to establish an institutional model akin to Ethereum’s for the management and growth of XRP.
In his remarks, Birla described Evernorth as a public XRP treasury “with a twist.” He emphasized a focus on access, trust, and transparency as key elements for the next wave of cryptocurrency adoption, contrasting it with the typical hype surrounding digital assets. Birla highlighted that the company’s model would not only hold XRP but actively seek to increase its XRP holdings. All revenue generated from the treasury will be reinvested into acquiring more XRP, thereby compounding value for long-term shareholders.
Birla noted that the current regulatory standing of XRP in the U.S. has presented a unique opportunity for large-scale adoption, positioning Evernorth as a reliable bridge to public markets. His commitment to combining institutional discipline with innovative on-chain strategies aims to redefine the concept of a digital asset treasury, ultimately benefiting both shareholders and the broader XRP ecosystem.
“We’ve built an incredible team of leaders from crypto, capital markets, and finance,” Birla stated. “Together, we’re committed to building something enduring for the long term.”
The announcement also coincided with notable interest from the trading community. Crypto trader James Wynn recently shared his intention to allocate a significant portion of his portfolio to XRP, referring to it as a transformative investment in global payments infrastructure. Despite expressing confidence in the coin’s future, which he predicts could skyrocket to $500, he acknowledged the inherent risks involved and urged the community to provide insights on XRP’s merits and drawbacks.
Wynn’s ambitious projections reflect the ongoing cultural resonance of XRP within the cryptocurrency community, highlighting its status as an underdog despite growing institutional validation. The timing of Evernorth’s entry into the market appears aligned with a surge in interest for regulated XRP treasury products.
Other entities are also following suit, with companies such as Trident Digital Tech Holdings planning a $500 million allocation toward establishing XRP treasuries, while Webus International is considering up to $300 million. Additionally, VivoPower International PLC has earmarked around $100 million for XRP acquisition, and Wellgistics Health, Inc. has set aside $50 million for treasury reserves and cross-border payments utilizing XRP.
As the dynamics of the cryptocurrency market continue to evolve, the developments surrounding Evernorth and XRP underscore a burgeoning interest in structured, regulated assets within the digital finance landscape.
