Evernorth Holdings is preparing to go public through a SPAC merger with Armada Acquisition Corp II, and its listing will use the XRPN ticker on Nasdaq. The Ripple-backed XRP treasury currently holds 388 million XRP tokens valued at about $812 million. CEO Asheesh Birla cited the U.S. crypto-friendly regulatory environment, saying the timing couldn’t be more perfect and that there is the right kind of regulation, administration, and institutions ready to adopt. Birla also said Evernorth intends to generate yield on its XRP holdings and use the proceeds to buy even more tokens.
Evernorth holds 388 million XRP tokens bought at an average price of $2.44, according to CryptoQuant data. With XRP trading around $2.09, Evernorth is sitting unrealized losses, as its holdings are worth about $812 million against a $948 million cost basis. Despite the disinterest in treasuries, Birla said Evernorth does more than offer exposure to the price of XRP — it handles the custody, compliance, and security obligations they would have if they purchased the cryptocurrency directly.
“A large lion’s share just wanna buy a public stock,” Birla said. “We made it as easy as buying a public stock.”
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