Evernorth Holdings Inc. completed its merger Oct. 9 and will begin trading on Nasdaq on Oct. 12 under the ticker XRPN, bringing an actively managed XRP treasury to public markets for the first time.
The company closed with approximately 473 million XRP and raised about $300 million in gross cash before transaction expenses. CEO Asheesh Birla said the strategy is straightforward: "We'll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP's utility, and pursuing strategies designed to grow XRP per share over time."
That per-share metric matters. Evernorth's model is to increase the quantity of XRP held relative to outstanding shares—a direct incentive alignment between shareholders and the token's performance. As a Nasdaq-listed entity, the company operates under standard public market reporting and governance requirements.
The merger with special purpose acquisition company Armada Acquisition Corp. II received shareholder approval on Sept. 30. An administrative delay pushed the Nasdaq start date from Oct. 8 to Oct. 12.
Evernorth's backing includes Arrington Capital, SBI Group, Ripple, Pantera Capital, crypto exchange Kraken and trading firm GSR. The company plans to deploy capital through institutional and decentralized finance strategies, ecosystem participation and capital markets activities—with specific focus on tokenized assets, blockchain-based credit markets and settlement infrastructure on the XRP Ledger.
For stock investors, buying Evernorth provides ownership in the company and its managed treasury—a structured alternative to direct XRP holding.
