Ripple-backed Evernorth nears Nasdaq listing after accumulating 388.7M XRP worth over $1B for its public XRP treasury vehicle.
Evernorth Holdings, a Ripple-backed digital asset company, is nearing the launch of its publicly traded XRP treasury vehicle after accumulating $1 billion in XRP. The move marks a major step toward its debut on Nasdaq under the ticker XRPN, with the company now holding 388.7 million XRP tokens.
95% of XRP Holdings Target Accumulated Ahead of Listing
According to data from CryptoQuant, Evernorth currently holds 388.7 million XRP, with each token trading above $2.60. This puts the value of the treasury above $1 billion.
The accumulation follows the company’s official launch on October 20, aimed at advancing XRP adoption through institutional access.
Evernorth Holdings Now Holds 388,710,606.03 XRP, Reaching 95% of its Target
“Their average purchase price sits around $2.44, which could mark a key level for Ripple’s future price action.” – By @JA_Maartun pic.twitter.com/qZmCKs9gk6
— CryptoQuant.com (@cryptoquant_com) October 27, 2025
XRP’s price surged by 8.6% after the announcement of Evernorth’s formation, and the token’s market capitalization rose by about $13 billion, based on data from CoinGecko. Evernorth’s growing treasury is viewed as a step toward launching its Nasdaq-listed XRP fund.
Nasdaq Launch Planned Under Ticker XRPN
Evernorth plans to launch a publicly traded XRP treasury vehicle under the symbol XRPN.
The company expects the listing to follow its ongoing merger with Armada Acquisition Corp II. CEO Asheesh Birla, who spent 12 years at Ripple, now leads Evernorth after stepping down from Ripple’s board.
As CEO and Chair of the Board of Directors of Evernorth, I’m incredibly excited to get started. With this new role, I’ll be stepping down from Ripple’s Board of Directors.
Huge thank you to our investors, partners, and the team who made this vision a reality. Keep an eye out for…
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
The company’s goal is to provide a transparent, regulated structure for institutional investors looking to gain exposure to XRP. Birla said the firm is ready to serve as a “bridge to the public markets” now that XRP has regulatory clarity in the U.S.
Backing from Major Crypto and Financial Investors
Evernorth has secured funding from several high-profile investors, including Ripple, SBI Group, Rippleworks, Arrington Capital, Pantera Capital, and Kraken. These firms have expressed long-term confidence in XRP’s role in the digital asset space.
The company’s funding plan includes raising at least $1 billion through its merger and private placements. Evernorth has now reached approximately 95% of that goal through XRP accumulation and investor support.
XRP ETF Hopes Face Delay Amid Broader ETF Launches
The Evernorth news arrives as interest grows in spot XRP ETFs in the U.S. However, there are reports of delays due to ongoing regulatory uncertainty. On the same day, ETFs for Hedera and Litecoin began trading on Nasdaq, while XRP ETFs may face further review by the SEC.
Evernorth’s strategy to provide XRP access through a treasury structure may serve as a temporary alternative to a formal ETF. The firm remains focused on expanding institutional use of XRP through public market channels.
