XRP treasury Evernorth moves towards IPO amid regulatory optimism

Evernorth Holdings is preparing to go public via a SPAC merger with Armada Acquisition Corp II and plans to list on Nasdaq under the ticker XRPN.

The Ripple-backed treasury holds 388 million XRP tokens, currently valued at around $812 million.

“The timing couldn’t be more perfect. We have the right kind of regulation, administration, and institutions ready to adopt,”

Asheesh Birla said.

Birla pointed to a more crypto-friendly regulatory environment in the United States as a key driver behind the planned listing.

Crypto markets surged in 2025 following Donald Trump’s return to the White House, pushing major tokens such as XRP to record highs.

The rally later faded, leading to sharp valuation declines across crypto treasury companies and reduced buying activity.

Data shows Evernorth acquired its XRP holdings at an average price of $2.44, leaving it with unrealised losses at current market levels.

Birla said Evernorth offers more than price exposure by managing custody, compliance, and security for institutional clients.

“A large lion’s share just wanna buy a public stock. We made it as easy as buying a public stock,”

Birla said.

The company also plans to generate yield on its XRP holdings and reinvest proceeds into additional token purchases.

XRP exchange-traded funds have attracted more than $1.2 billion in inflows since November, outperforming Bitcoin and Ethereum ETFs over the same period.

“Record-breaking last few weeks for XRP ETFs. That shows there’s demand to get exposure to XRP,”

Birla said.

Birla said scale and active participation in the ecosystem will determine which XRP treasuries survive long term.

“You have to have scale. You can’t be passive. They have to be active stewards,”

Birla said.

At the time of reporting, XRP price was $2.08.