- Evernorth expects to hold 473 million XRP after its merger with Armada Acquisition Corp. II closes, subject to final conditions and Nasdaq approval.
- Trading is expected to begin under the ticker XRPN, positioning Evernorth as the largest publicly traded pure-play XRP treasury company.
- The firm plans to actively deploy its XRP into ecosystem infrastructure and strategies intended to increase XRP backing per share over time.
- Ripple, SBI Group, Kraken, Pantera Capital, GSR and Arrington Capital are among Evernorth’s shareholders.
Evernorth is taking a leaf out of Michael Saylor’s playbook and will soon bring the crypto treasury model to XRP. In a 1 October post on X, the company announced that a business combination with Armada Acquisition Corp. II had been approved by shareholders.
Evernorth expects to hold 473 million XRP, making it the “largest publicly traded pure-play XRP treasury company”.
The transaction is expected to close on 7 October, subject to customary closing conditions, with trading expected to commence on Nasdaq under the ticker XRPN, subject to Nasdaq listing approval.
The only other publicly known company with a similar playbook is Worksport, which currently holds 115,000 XRP, according to data from Bitcoin Treasuries. The site lists several digital assets held for “payments, settlement, or treasury purposes”, with XRP accounting for 0.14% of the assets tracked.
Bitcoin ranks first, with 93.7% dominance, while 197 companies hold around 1.276 million BTC.
Ethereum comes second with 5.52% asset dominance, while Solana has around 0.55% and BNB 0.14%.
Read also: Standard Chartered Starts Research Coverage for Ethena
Treasury Idea Not New
While a truly Strategy-style XRP treasury company may seem groundbreaking, it isn’t the first attempt at this. VivoPower launched an XRP-focused digital-asset treasury strategy in 2025 and described itself as the first publicly listed XRP-focused DAT company. However, in February 2026, it announced that it was exiting its digital-asset holdings and would stop acquiring digital assets for its own balance sheet.
XRP is up 1.5% on the news, amid a broader increase in the crypto market. At the time of writing, XRP is trading at US$1.52 (AU$2.19).
As reported yesterday, another boost for the coin came as news from Brazil made headlines. Financial infrastructure giant CSD BR – with access to US$4 trillion (AU$6 trillion) in assets – will test the XRP Ledger (XRPL) for local ownership records, with plans to expand its use.
Evernorth’s XRP Strategy
Evernorth plans to use its XRP holdings more actively than earlier crypto treasury firms, investing in XRP-related infrastructure and pursuing strategies aimed at increasing the amount of XRP backing each share over time. In a statement, the firm said its goal is to give public-market investors a regulated way to gain exposure to the XRP ecosystem while also supporting its broader growth and use.
We plan to enter public markets as blockchain utility continues to grow, and we believe institutional finance will increasingly be built on-chain. Evernorth is designed to accelerate XRP’s role in that work.
Asheesh Birla, founder and CEO of Evernorth Evernorth’s shareholders include Ripple, SBI Group, Kraken, Pantera Capital, GSR, Arrington Capital and others.
Read more: Peter Brandt Sees Six-Figure Bitcoin Surge, Takes Aim at XRP
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