Evernorth, positioned as one of the largest digital asset treasuries in the crypto sector, is drawing attention for its business model built around XRP holdings. Led by Asheesh Birla, a former senior executive at Ripple, the company currently manages more than 473 million XRP valued at approximately $656 million, making it a major institutional holder in the space.
Digital asset strategy centers on XRP
Evernorth treats XRP as the centerpiece of its balance sheet, adopting a dynamic approach that goes beyond merely holding assets. The firm seeks to generate returns through lending protocols, decentralized finance products, and multiple market strategies, placing a greater emphasis on active management opportunities over simple custody.
Following its planned public offering, Evernorth will begin trading on Nasdaq under the ticker XRPN. Investors will have access to its shares through established brokerage platforms such as Robinhood and E*Trade, enabling broader participation in this digital asset-focused model.
The company’s substantial XRP reserves were established with a contribution of 126.79 million XRP from Ripple Labs and received additional backing from SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. So far, Evernorth has raised more than $1 billion in total capital, including $200 million from SBI Holdings.
Corporate governance and institutional backing
In preparation for going public, Evernorth has reinforced its corporate governance structures. Its latest SEC filing confirms the appointment of Robert Kaiden, CFO of the OpenAI Foundation, and Derar Islim, COO of Nasdaq-listed digital asset firm Antalpha, as independent board members. Both are expected to bolster the company’s oversight with their audit expertise and sector-specific experience.
Stuart Alderoty, Ripple’s chief legal officer, and Ted Janus also sit on the board, ensuring Evernorth bridges the gap between traditional finance and the crypto ecosystem through its leadership structure.
This diverse governance framework positions Evernorth as a significant player at the intersection of emerging technologies and established finance. According to its filings, the company plans to list under the XRPN symbol after merging with Armada Acquisition Corp II.
SPAC merger and regulatory process
Evernorth’s journey to the stock market is set to conclude once its merger with Armada Acquisition Corp II is finalized. The initial SEC registration was submitted on March 18, 2026, with a revised filing made in May, demonstrating progress in meeting all regulatory requirements for listing.
Once listed as XRPN, Evernorth will offer a regulated vehicle tied to XRP, attractive to portfolio managers, institutional investors, and self-directed investors who may not wish to hold digital tokens directly.
CEO Asheesh Birla highlights the expanding use cases for XRP, noting the growing pace of tokenization and increasing coverage of blockchain and XRP across mainstream financial media. He emphasizes that XRP is now regularly tracked as a key indicator in the sector.
Market momentum for institutional XRP-linked transactions is also on the rise. Notably, Goldman Sachs recently reported a $153.8 million XRP ETF position, while a commodity fund application was lodged with NYSE Arca. According to CryptoAppsy data, Evernorth’s holdings of 473 million XRP amount to roughly $656 million.
Evernorth’s shares will become available for trading once the company completes its SPAC merger and regulatory clearances. The latest regulatory filings underscore the company’s efforts to strengthen its management team and corporate structure in anticipation of this next phase.
