Just days after its official launch, Evernorth accumulated around 388.7 million XRP tokens, according to CryptoQuant. These holdings will form the foundation of a public XRP Treasury planned for listing under the ticker XRPN on the Nasdaq.
The company positions itself as a bridge between traditional finance and the crypto economy, aiming to drive broader adoption of XRP. As part of its merger with Armada Acquisition Corp II, Evernorth plans to raise over $1 billion in fresh capital.
CEO Asheesh Birla, who previously spent 12 years at Ripple, described Evernorth as “a trusted bridge between public markets and the crypto economy.” The firm’s mission is to give institutional investors regulated access to XRP as an investment vehicle.
As CEO and Chair of the Board of Directors of Evernorth, I’m incredibly excited to get started. With this new role, I’ll be stepping down from Ripple’s Board of Directors.
— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 20, 2025
Huge thank you to our investors, partners, and the team who made this vision a reality. Keep an eye out for…
The project is supported by major investors, including Ripple, SBI Group, Arrington Capital, Pantera Capital, and Kraken. According to Birla, Evernorth is well-positioned given that XRP is now clearly regulated in the United States — a crucial step toward broader institutional adoption.
The announcement comes amid growing anticipation over the launch of spot XRP ETFs in the U.S. However, with HBAR and Litecoin (LTC) ETFs expected to begin trading on Nasdaq today, the community has speculated that the SEC may delay its decision on XRP ETFs due to the ongoing U.S. government shutdown.