A massive XRP treasury just landed on Wall Street, giving investors a fresh way to gain exposure to Ripple’s token.
Quick Summary – TLDR:
- Evernorth has gone public on Nasdaq under the ticker XRPN after merging with Armada Acquisition Corp. II.
- The company has amassed nearly $1 billion in XRP, making it one of the largest institutional holders of the asset.
- Backed by Ripple and major crypto investors, Evernorth plans to actively manage XRP and grow returns.
- Its equity-based model gives corporate treasurers a compliant, simple way to access XRP exposure.
What Happened?
Evernorth Holdings has completed its merger with Armada Acquisition Corp. II and is now trading on Nasdaq under the symbol XRPN. This debut marks a new era for XRP as a major digital asset, placing it directly on the radar of institutional investors through the public equity markets. With over $1 billion in capital and nearly 389 million XRP tokens already held, Evernorth is reshaping how corporate treasuries and traditional finance interact with crypto assets.
XRPN now on the Nasdaq!
— Chad Steingraber (@ChadSteingraber) October 30, 2025
🔥🔥✅ https://t.co/IZpIFoNJMM pic.twitter.com/jsMECQQDfI
Evernorth’s Corporate Model Brings XRP to Wall Street
Evernorth is not an exchange-traded fund. Instead, it’s a public company that holds XRP directly on its balance sheet and offers investors exposure through publicly traded shares. This structure offers several advantages:
- Public company transparency with regular SEC filings and audits.
- Market-hours liquidity for buying and selling XRPN shares.
- Eliminates need for in-house crypto custody and wallet management.
Unlike passive ETFs, Evernorth aims to increase the “XRP per share” value over time. The company plans to do this through open-market XRP purchases and institutional strategies like lending, DeFi yield generation, and liquidity provisioning.
XRP Treasury Strategy Hits Milestone
Data reveals that Evernorth now holds approximately 388.7 million XRP, worth around $993.6 million. The average purchase price sits at $2.44 per XRP, and more than $46 million in unrealized gains have already been recorded. This aggressive accumulation strategy has made Evernorth one of the largest institutional XRP holders worldwide.
Ripple executives, including Brad Garlinghouse, Chris Larsen, and Asheesh Birla, have shown strong support for Evernorth. Birla, formerly a board member at Ripple, stepped down to become Evernorth’s CEO, signaling the company’s independent operational path while keeping ecosystem alignment. Strategic investors also include SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks.
Building Institutional Infrastructure
Evernorth has established key partnerships with firms like Hidden Road, GTreasury, and Standard Custody to ensure robust infrastructure for settlements, custody, and regulatory compliance. These collaborations are designed to make Evernorth’s XRP-based treasury model scalable and reliable in institutional environments.
The model is designed with risk management in mind. It focuses on increasing XRP holdings per share through active management, providing a compelling alternative to simply holding tokens in cold wallets. This is particularly attractive to CFOs and corporate treasurers looking for exposure without technical complexity.
Broader Impact on XRP Ecosystem
Evernorth’s launch coincides with a resurgence in institutional interest in XRP:
- CME Group has expanded XRP futures and options, hitting $27 billion in contract volume since May
- REX–Osprey XRP ETF has passed $100 million in assets, signaling rising investor interest
- Major asset managers like Grayscale, 21Shares, and Bitwise are preparing XRP ETF filings
These developments point to a maturing market structure around XRP, where liquidity and investor confidence are increasing.
SQ Magazine’s Takeaway
I think Evernorth just gave XRP one of its biggest credibility boosts to date. This is not some speculative pump. It’s a serious, well-funded, transparent business model that turns XRP into a legitimate corporate asset. For anyone who wants crypto exposure but doesn’t want to deal with wallets, private keys, or compliance headaches, Evernorth’s public listing under XRPN is a game changer. I’ll be watching closely to see how this affects broader crypto adoption on Wall Street.
