Evernorth Holdings is edging closer to becoming the first publicly traded company centered on expanding the value of its XRP treasury.
Wave of Innovation, a Web3 event organizer, says Evernorth is expected to begin trading on Nasdaq under the ticker XRPN with at least 473 million XRP.
The planned listing now depends on a shareholder vote scheduled for September 30, 2026. Investors will decide whether to approve Evernorth’s proposed merger with Armada Acquisition Corp. II, a transaction designed to take the XRP-focused treasury company public.
Evernorth moved closer to completing the deal after the U.S. Securities and Exchange Commission cleared its registration statement. Shareholder approval and other closing requirements remain outstanding. If authorized, the merger is expected to conclude in late Q3 or early Q4, paving the way for Evernorth’s Nasdaq debut.
Evernorth’s XRP Treasury
Evernorth initially accumulated 388 million XRP, a holding reported by CryptoQuant. A substantial portion of those tokens was transferred by contributors that included Ripple and its chairman, Chris Larsen.
The company subsequently increased its position to 473 million XRP, using part of the $1 billion raised from investors including Ripple, Pantera, GSR, Arrington Capital and SBI Group.
Evernorth intends to manage its XRP holdings actively rather than retain them solely as a passive corporate asset. Its plans include generating income from the treasury, supporting projects throughout the XRP ecosystem and using financial markets to expand its holdings.
The company also aims to increase the amount of XRP held per share over time. This approach could provide shareholders with greater XRP exposure while tying Evernorth’s growth more closely to the wider ecosystem.
Potential Support for XRP Ledger DeFi
Evernorth’s treasury may have implications beyond its corporate balance sheet. Supporters believe its substantial XRP holdings could become an important source of liquidity for decentralized finance activity on the XRP Ledger (XRPL).
The company also plans to support infrastructure for tokenized assets, on-chain lending and blockchain payments. Its XRP reserves could therefore provide additional liquidity as new financial applications, including lending products, emerge across the XRPL.
If shareholders approve the merger, Evernorth would offer public-market investors a regulated route to exposure to an XRP-focused treasury strategy. With at least 473 million XRP expected when trading begins, the company could become a major corporate participant in the XRP ecosystem.
