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Ripple-backed Evernorth Holdings is preparing to launch its Evernorth XRP treasury as a publicly traded investment vehicle on Nasdaq, marking one of the most significant institutional moves for XRP in recent years.
According to CryptoQuant data released Monday, Evernorth’s XRP holdings have reached 388.7 million tokens, valued at over $1 billion with XRP trading above $2.60.
This milestone, achieved just days after the company’s official debut on October 20, positions Evernorth XRP treasury as a major step toward mainstream institutional adoption of the digital asset.
The firm’s announcement has already had ripple effects across the market. Following the unveiling of Evernorth’s XRP treasury, XRP’s price surged by 8.6%, adding approximately $13 billion to its market capitalization, based on CoinGecko data.
With its billion-dollar accumulation secured, Evernorth is now advancing plans to list the Evernorth XRP treasury on the Nasdaq exchange under the ticker XRPN.
Evernorth CEO Asheesh Birla, a 12-year Ripple veteran, confirmed the move last week, stating that the listing will create a transparent and regulated gateway for institutional investors to gain exposure to XRP. Birla recently stepped down from Ripple’s board of directors to lead Evernorth, signaling a shift toward expanding XRP’s utility beyond Ripple’s infrastructure.
“We’re backed by a world-class group of investors and leaders, including SBI, Ripple, Arrington Capital, Pantera Capital and Kraken, firms that share our conviction in XRP’s future,” — Asheesh Birla, CEO, Evernorth Holdings.
The company’s merger with Armada Acquisition Corp II is expected to raise at least $1 billion in total funding. Strategic backing from institutions such as SBI Group, Rippleworks Foundation, and others reflects growing confidence in the Evernorth XRP treasury’s long-term potential.
According to Birla, the timing for the Evernorth XRP treasury launch aligns with an increasingly favorable regulatory climate for XRP in the United States.
“For the first time, XRP has clear regulatory standing in the United States, opening the door for large-scale adoption,” Asheesh Birla, CEO, Evernorth Holdings.
This regulatory progress follows Ripple’s partial victory against the U.S. Securities and Exchange Commission (SEC) earlier this year, where the court ruled that XRP is not inherently a security when traded on secondary markets.
That decision has sparked optimism across the crypto community, encouraging new corporate and institutional ventures tied to XRP.
Evernorth’s initiative, therefore, represents not just a treasury project but also a test case for how crypto assets can integrate into public markets through transparent, compliant investment structures.
The Evernorth XRP treasury launch comes amid heightened speculation over potential spot XRP ETFs in the U.S. While the Nasdaq is already preparing for the debut of HBAR and Litecoin ETFs, delays tied to regulatory decision-making at the SEC have left XRP investors waiting.
Still, industry watchers believe Evernorth’s move could serve as a catalyst for further XRP-related financial products. Analysts note that public market integration of the Evernorth XRP treasury could provide regulators and investors with a model for institutional crypto exposure rooted in compliance and corporate governance.
“Evernorth is positioned to be that trusted, transparent bridge to the public markets,” — Asheesh Birla, CEO, Evernorth Holdings.
As the Evernorth XRP treasury prepares for its Nasdaq debut, Ripple’s broader ecosystem stands to benefit from increased investor participation and legitimacy.
The move underscores a growing trend among blockchain companies to link digital assets with traditional capital markets, potentially setting a precedent for future tokenized treasury products.
