Evernorth holds more than 473 million XRP in treasury reserves, valued at approximately $656 million, as the Ripple-backed company moves closer to a planned Nasdaq listing under the ticker XRPN.
The company is advancing its public market plans through a merger with Armada Acquisition Corp II, a special purpose acquisition company sponsored by Arrington Capital. Evernorth filed a second amendment to its Form S-4 registration statement with the SEC in May 2026, adding new board appointments and further details on its XRP-focused treasury model.
Led by CEO Asheesh Birla, a longtime Ripple executive, Evernorth is structured as an active digital asset treasury company. Its business model centers on holding XRP as a core balance sheet asset while using lending protocols, decentralized finance tools and other market strategies to generate yield.
The planned listing would give public market investors exposure to an XRP treasury company through traditional brokerage platforms. Once listed, XRPN shares are expected to be available through platforms such as Robinhood and E*Trade.
Evernorth Holds Over 473 Million XRP
Evernorth’s treasury includes more than 473 million XRP, making the company one of the largest known institutional holders focused on the token. Based on the reported valuation of about $656 million, XRP forms the central asset behind the company’s planned public listing.
Ripple Labs contributed 126.79 million XRP to support the deal. The transaction also includes backing from SBI Holdings, Pantera Capital, Kraken and Arrington Capital. Evernorth has raised more than $1 billion in gross proceeds, including a reported $200 million from SBI Holdings.
The structure gives Evernorth a public-market pathway similar to digital asset treasury companies that use crypto holdings as a central part of their balance sheet. However, Evernorth’s strategy is built around XRP rather than Bitcoin.
The company has said it plans to put XRP to work instead of only holding the token passively. That active treasury approach may include lending, liquidity strategies and tokenization-related opportunities.
Board Adds OpenAI and Institutional Finance Leaders
Evernorth’s latest SEC filing named Robert Kaiden, CFO of the OpenAI Foundation, and Derar Islim, COO of Antalpha, as independent directors. Their appointments add financial oversight, audit experience and institutional digital asset knowledge ahead of the planned Nasdaq listing.
Ripple Chief Legal Officer Stuart Alderoty is also listed as a board member, maintaining Ripple’s direct presence in Evernorth’s governance structure. Ted Janus is also part of the board.
Kaiden’s appointment brings experience from the AI sector, while Islim adds operational experience from a Nasdaq-listed digital asset company. The board structure places Evernorth at the intersection of crypto, traditional finance and emerging technology markets.
Evernorth filed its initial Form S-4 on March 18, 2026, before submitting the second amendment in May. The filings form part of the company’s process to complete the Armada Acquisition Corp II merger and list under XRPN.
XRP Listing Targets Institutional Investors
Evernorth’s planned Nasdaq listing is designed to give investors regulated exposure to XRP without requiring them to hold tokens directly. The model may appeal to institutions, wealth managers and self-directed investors that prefer public equities over crypto wallets.
Birla has said XRP adoption and tokenization activity are rising, even as market price performance has not fully reflected that growth. In a recent interview, he said blockchain coverage has become more common in mainstream financial media and noted that XRP now appears on major market tickers.
The company’s public listing plan comes during a broader rise in institutional XRP activity. Reports cited a Goldman Sachs XRP ETF position worth $153.8 million and a NYSE Arca commodity trust filing as part of the wider market backdrop.
Evernorth still needs to complete the SPAC process and meet regulatory and exchange requirements before XRPN begins trading. Its latest filing shows the company is expanding governance and preparing for public market review.
