Evernorth, a financial company backed by Ripple, is moving forward with plans to go public on the Nasdaq under the ticker XRPN, pending shareholder approval of a proposed deal. The move would give traditional stock market investors an opportunity to gain exposure to XRP through a corporate structure, drawing comparisons to the publicly traded crypto treasury model popularized by Strategy.
Large-scale XRP treasury strategy
Evernorth has accumulated over 473 million XRP, making it one of the largest known corporate holders of the cryptocurrency. According to a filing with the US Securities and Exchange Commission (SEC), the company either purchased or committed to buying 473,276,430 XRP after completing a $214 million acquisition in late 2025.
Unlike companies that simply retain crypto as a passive asset, Evernorth plans to actively deploy its XRP holdings throughout the wider XRP economy. The company aims to participate in infrastructure development and other onchain financial opportunities, seeking to grow XRP per share and maximize value for stakeholders.
Evernorth intends to use its XRP to generate value and increase XRP exposure per share by participating in XRP-based infrastructure and broader ecosystem activity, rather than simply holding its treasury as a static asset.
This approach follows a wider trend of public companies integrating cryptocurrencies into their treasuries. However, Evernorth intends to operate at a considerably larger scale compared to earlier examples in the sector.
Strategy brought the corporate crypto treasury model into focus by leveraging equity and debt markets to amass substantial Bitcoin reserves. Evernorth is adapting part of this model for XRP, but with a different economic focus.
The company’s plan goes beyond increasing its total XRP balance. Evernorth seeks to generate supplementary returns from its assets by engaging with the broader XRP network. The firm measures its performance partly through growth in XRP exposure per share, rather than merely boosting the absolute XRP total.
This distinction matters because companies managing digital-asset treasuries can find their shares trading either above or below the underlying value of their holdings. Extended periods of trading at a discount may discourage such firms from issuing additional shares to accumulate more crypto assets.
Company Crypto Asset Treasury Size Trading Focus
| Evernorth | XRP | 473M+ XRP | Active ecosystem participation |
| Strategy | BTC | Major BTC holder | Buy and hold model |
Nasdaq listing and additional financing
Evernorth has refined its transaction structure, aligning shareholder economics more closely with the value of its XRP holdings prior to its Nasdaq debut. This adjustment is intended to minimize persistent trading discounts and better reflect the underlying crypto asset’s value.
In addition, the company recently secured a $30 million convertible note. The funding, which becomes available subject to the closing of its planned SPAC (special purpose acquisition company) merger, could be used to acquire additional XRP, further expanding the treasury and strengthening its market presence.
Evernorth’s strategy signals a new approach to public crypto treasury companies, leveraging XRP in a dynamic way and potentially offering a fresh vehicle for investors seeking exposure to the cryptocurrency market through traditional equity channels.
Mini dictionary: SPAC, or Special Purpose Acquisition Company, is a shell company that raises capital through an initial public offering with the intention of acquiring an existing company, effectively allowing the acquired company to become publicly traded without going through a traditional IPO process.
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