A small but growing group of public and public-bound companies is building treasury strategies around XRP, using the asset not only as a long-term holding but potentially as collateral, liquidity and capital for onchain financial activities.
Evernorth is the largest example. Its SEC disclosures describe a planned publicly traded company that will hold XRP while deploying capital into lending, liquidity provision and XRP-based infrastructure. It has already purchased or committed more than 473 million XRP and is approaching a Sept. 30 shareholder vote on its proposed combination with Armada Acquisition Corp. II.
That model helps explain why the corporate XRP story is different from simply copying Strategy’s Bitcoin playbook.
Companies Want More Than Price Exposure
Bitcoin treasury companies generally emphasize scarcity and long-term appreciation. XRP-focused companies are increasingly presenting a second argument: the asset can potentially be put to work.
Evernorth intends to pursue strategies designed to increase XRP per share through yield generation and ecosystem participation. Its existing 473 million XRP treasury could therefore function as operating capital rather than remaining untouched in custody.
VivoPower took a similar step in 2025. The Nasdaq-listed company launched an XRP-focused digital asset treasury strategy alongside a $121 million capital raise, saying the approach was intended to diversify treasury assets, generate yield and provide investors with XRP exposure.
XRP Treasuries Can Also Raise New Capital
The model can create a feedback loop.
A company raises equity or debt, uses some proceeds to acquire XRP, and then markets its shares as a regulated way for investors to gain exposure to that treasury.
Wellgistics Health has also outlined an XRP treasury strategy, including the possibility of raising capital against its XRP holdings or using them to generate income. Its SEC filings say XRP is intended to become a primary component of that strategy, although implementation has remained subject to the company’s evolving plans.
This structure carries obvious risks. XRP can fall sharply, borrowing against crypto can amplify losses, and issuing new shares or convertible debt can dilute existing shareholders.
But corporate interest is no longer theoretical. The broader XRP treasury market now includes several companies experimenting with balance-sheet exposure, while Evernorth is trying to turn the idea into a dedicated Nasdaq-listed business.
