Evernorth Builds $1B XRP Treasury Ahead of Nasdaq XRPN Debut
Evernorth Holdings has assembled a $1B XRP treasury by acquiring 388.7 million XRP tokens, reaching 95% of its target. The firm plans to list the XRP treasury fund on Nasdaq under the ticker XRPN after merging with SPAC Armada Acquisition Corp II. Led by CEO Asheesh Birla, the vehicle is backed by Ripple, SBI Group, Pantera Capital, Arrington Capital and Kraken. Evernorth will operate validators on the XRP Ledger and use Ripple’s RLUSD stablecoin as a DeFi on-ramp. Since launching its institutional adoption tool on October 20, XRP’s price has climbed over 8%, adding roughly $13B to its market cap. This digital asset treasury move could improve market liquidity and pave the way for a spot XRP ETF, although potential SEC approval delays and the launch of other spot ETFs like HBAR and LTC may affect timing.
Bullish
Evernorth’s $1B XRP treasury accumulation and Nasdaq listing plans signal strong institutional demand and improved liquidity for XRP. Backing from major investors like Ripple, SBI Group and Pantera Capital, along with the launch of an institutional adoption tool, has already driven an 8% price rise and a $13B market-cap gain. Operating validators on the XRP Ledger and using RLUSD for DeFi on-ramps further integrate XRP into regulated markets. While SEC approval delays and competing spot ETFs could introduce short-term volatility, the overall trend supports bullish momentum by boosting confidence in XRP’s institutional adoption and potential ETF outcomes.