Ripple-backed Evernorth plans to list on Nasdaq in a bid to create the largest publicly traded treasury of XRP.
While Ethereum (ETH) and many altcoins continue to be adopted by major corporations as part of their treasury strategy, the latest news came for XRP.
At this point, Evernorth, a new cryptocurrency startup backed by Ripple, announced that it plans to raise over $1 billion to create the largest publicly traded XRP treasury.
Accordingly, Evernorth plans to list on Nasdaq with the aim of creating the largest publicly traded XRP treasury.
“A first-of-its-kind treasury vehicle, Evernorth is designed to offer investors a simple, liquid, and transparent XRP portfolio through a publicly traded vehicle.”
Accordingly, Evernorth announced today the signing of a collaboration agreement with Armada Acquisition Corp II (Nasdaq: AACI), a publicly traded special purpose acquisition company.
The combined company will operate under the name Evernorth and is expected to trade on Nasdaq under the ticker symbol “XRPN.”
Evernorth said the deal, expected to close in the first quarter of 2026, will create the largest XRP treasury company publicly traded in XRP.
The deal is expected to close in early 2026 with key investors including SBI, Pantera Capital, and Kraken, and is expected to generate gross proceeds of over $1 billion.
“Evernorth is designed to offer investors more than just exposure to the XRP price,” said Asheesh Birla, CEO of Evernorth. “We leverage existing TradFi yield generation strategies and transition them to DeFi yield opportunities, while also contributing to the growth and maturation of this ecosystem. This approach is designed to drive the utility and adoption of XRP while generating returns for shareholders. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”
Ripple CEO Brad Garlinghouse also announced this development on his X account. “Asheesh and his team are building something special with EvernorthXRP. We’re proud to partner with them and join a group of incredible investors like SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks to support their participation in institutional lending, liquidity provision, and DeFi yield opportunities for XRP,” Garlinghouse said.
