Evernorth Holdings, a Ripple-backed digital asset company, is nearing the launch of its publicly traded XRP treasury vehicle on the Nasdaq (NDAQ) as it builds one of the largest institutional XRP (XRP-USD) positions to date.
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The firm has amassed 388.7 million XRP, worth more than $1 billion at current prices, according to CryptoQuant. This accumulation marks a major milestone in Ripple’s ongoing push to bring XRP further into regulated financial markets.
XRP traded around $2.63 on Monday, up 8.6% over the past week following Evernorth’s launch announcement on October 20. The rally lifted XRP’s market capitalization by roughly $13 billion.
Evernorth Builds a Path to Public Markets
Evernorth plans to list its XRP treasury vehicle on the Nasdaq under the ticker XRPN, giving investors a direct way to gain regulated exposure to XRP.
CEO Asheesh Birla, a 12-year Ripple veteran, stepped down from Ripple’s board earlier this month to lead Evernorth. The company is merging with Armada Acquisition Corp II in a deal expected to raise at least $1 billion, supported by investors including Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken, and Rippleworks.
“We’re backed by a world-class group of investors and leaders who share our conviction in XRP’s future,” Birla said Friday. “For the first time, XRP has clear regulatory standing in the United States, opening the door for large-scale adoption. Evernorth is positioned to be that trusted, transparent bridge to the public markets.”
Ripple Expands Institutional Reach through Evernorth
The creation of Evernorth highlights Ripple’s expanding focus on institutional investors. The vehicle is designed to function as an XRP treasury, similar to how corporate treasuries hold traditional assets, while providing liquidity and transparency through a public listing.
By anchoring the project in regulated markets, Ripple aims to make XRP more accessible to large-scale investors who have historically avoided direct exposure to cryptocurrencies.
XRP Gains Momentum as ETF Talk Builds
Evernorth’s debut comes amid growing anticipation around spot XRP exchange-traded funds in the United States. While the SEC continues to weigh similar applications for HBAR and Litecoin ETFs, the community is waiting for an XRP decision.
Moreover, the planned XRPN listing gives Ripple and its partners a parallel route to public-market visibility, even as ETF approval timelines remain uncertain.
To sum up, Evernorth’s accumulation marks a major show of faith in XRP’s future. The move has energized the market, and if its public listing succeeds, XRP could see deeper adoption that cements its place among leading digital assets. At the time of writing, XRP is trading at $2.6336.
