Ripple-Backed Evernorth Prepares Public Listing to Build the Largest Institutional XRP Treasury

In a significant move for the cryptocurrency sector, Evernorth Holdings, the company backed by Ripple Labs, is preparing for a U.S. public listing on the NASDAQ under the ticker XRPN, while aiming to create what it calls the world’s largest institutional XRP treasury. The initiative will see Evernorth deploy substantial capital in the digital asset to establish the coin as a strategic reserve asset. 

According to filings and credible industry reports, Evernorth is expected to raise over $1 billion via a merger with the SPAC Armada Acquisition Corp II, with Japan’s SBI Holdings committing $200 million and support from major crypto firms including Pantera Capital, Kraken, and prominent figure Chris Larsen. 

What Evernorth Aims to Accomplish

The core strategy of Evernorth is not only to accumulate large quantities of XRP (the native token of the XRP Ledger) but also to deploy it in yield-generating opportunities including liquidity provision, DeFi activity, and validator infrastructure. By doing so, the company positions its treasury vehicle as more than a passive holding it’s a growth engine for token exposure. 

This approach builds on the idea that institutional XRP treasury models can replicate the balance-sheet strategy seen with companies accumulating other digital assets, but specifically focusing on XRP’s settlement and ecosystem features. By becoming a publicly listed entity, Evernorth intends to offer investor access to XRP exposure through regulated equity rather than concierge crypto purchases.

Why This is Bigger Than It Looks

The emergence of a publicly traded XRP treasury vehicle signifies a milestone in digital-asset institutionalization. With Evernorth, the long-tail keyword of “Ripple-backed Evernorth nears launch of publicly traded XRP treasury” becomes reality. Institutions may now view XRP not just as a utility token but as a treasury reserve asset, which may shift demand dynamics, increase protocol locking and circulation scarcity.

The listing and treasury build-out may also drive more regulatory clarity for XRP exposure in institution-friendly formats. Yet, with opportunity comes risk: the plan hinges on execution, regulatory compliance, and the broader performance of the XRP ecosystem.

What’s Worth Watching

• Listing timing: The merger is expected to close in Q1 2026, pending shareholder and regulatory approvals.

• Capital deployment: How and when the net proceeds get invested into XRP and related infrastructure will inform the magnitude of the impact.

• Treasury structure: Whether the model focuses on accumulation alone or provides shareholder yield and token utility integration.

• Market implications: Large-scale purchases of XRP could tighten supply and influence price action.

• Regulatory scrutiny: As a regulated public company, Evernorth must navigate SEC, global compliance and disclosure requirements around digital assets.

FAQs

Q1: What exactly is Evernorth’s plan?
Evernorth intends to become a public company under the ticker XRPN, raise over $1 billion, and allocate the proceeds to building an institutional-grade XRP treasury, while offering crypto-exposure via traditional equity.

Q2: Who backs Evernorth and its XRP treasury strategy?
The company is backed by Ripple, SBI Holdings, Pantera Capital, Kraken and other major crypto investors, aligned to support the publicly traded XRP treasury vehicle model.

 

Q3: Why focus on XRP rather than Bitcoin or Ethereum?
The strategy positions XRP as a settlement layer token with real-world usage and liquidity potential, making it an appealing asset for a strategic institutional XRP treasury rather than purely speculative assets.

Q4: What risks should investors consider?
Risks include regulatory changes, token volatility, delay or failure of the SPAC listing, and execution risk in building the treasury model as intended.

Q5: When will Evernorth’s listing likely happen?
The listing via Armada Acquisition is targeted for Q1 2026, subject to conventional regulatory and shareholder approvals. 

Q6: How might this affect the broader XRP market?
If executed, the accumulation strategy and public listing may enhance demand, tighten supply, and increase institutional legitimacy for XRP, possibly catalyzing further corporate treasuries or products built around the token.