Altcoins
|3 min ReadEvernorth builds $1B XRP treasury for Nasdaq listing
Carter Hayes
Senior Analyst
Published
Jan 16, 2026
Evernorth is moving fast. The Ripple-backed digital asset company has amassed 388.7 million XRP, a cache worth more than 2.60. The goal is clear. Launch a publicly traded XRP treasury vehicle on Nasdaq and give institutions a simple way to hold XRP at scale.
Ripple-backed vehicle stockpiles 388.7M XRP
As of Monday, Evernorth’s holdings stood at 388.7 million tokens, according to CryptoQuant. XRP jumped 8.6% after the firm’s official debut on Oct. 20 as an institutional vehicle for XRP adoption, with roughly $13 billion added to the asset’s market cap, based on CoinGecko data. The move tells you where big money is headed. Clean structure. Clear mission. Institutions like it.
Nasdaq ticker plan and leadership shift
With $1 billion already in the treasury, the company is preparing a publicly traded product on Nasdaq under the ticker XRPN, as CEO Asheesh Birla said last week. Birla spent 12 years at Ripple. In October he stepped off Ripple’s board to take over as Evernorth’s CEO and chair, as reflected on his LinkedIn.
Evernorth’s funding plan runs through a merger with Armada Acquisition Corp II. The company expected to raise at least $1 billion in total financing, including private investments from Ripple, the Japanese SBI Group, the nonprofit foundation Rippleworks and others. Birla summed up the pitch in a Friday filing:
“So why now? For the first time, XRP has clear regulatory standing in the United States, opening the door for large scale adoption. Evernorth is positioned to be that trusted, transparent bridge to the public markets.”
ETF backdrop fuels XRP speculation
The XRP treasury push lands as the market watches for more crypto ETFs. Spot HBAR and Litecoin ETFs were expected to begin trading on Nasdaq today, according to an X post from reporter Eleanor Terrett. That activity fuels chatter that an XRP ETF could follow, though some in the community expect another delay from the Securities and Exchange Commission during the US government shutdown.
For now, Evernorth is building the bridge it can control. Accumulate XRP. Secure capital. List a transparent vehicle. If XRPN lands as planned, it gives traditional money a direct path into XRP. That is how adoption scales. Everybody knows it.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.