Evernorth Holdings is moving closer to becoming the first publicly traded company built around a strategy of increasing the value of its $XRP treasury.
According to popular Web3 event organizer Wave of Innovation, Evernorth is expected to hold at least 473 million $XRP when it begins trading on Nasdaq under the ticker XRPN.
The milestone now hinges on a key shareholder vote scheduled for September 30, 2026. Shareholders will vote on Evernorth’s proposed merger with Armada Acquisition Corp. II, a transaction that would pave the way for the $XRP-focused treasury company to become publicly traded.
Evernorth recently moved another step closer to completing the deal after the U.S. SEC cleared its registration statement. However, shareholder approval and other closing conditions remain outstanding. If approved, the merger is expected to close in late Q3 or early Q4, followed by Evernorth’s Nasdaq debut.
Evernorth’s $XRP Holdings
Evernorth initially accumulated 388 million $XRP, with CryptoQuant reporting the holdings. A significant portion of those tokens came through transfers from contributors including Ripple and its chairman, Chris Larsen.
The company later expanded its position to 473 million $XRP, using part of the $1 billion it raised from prominent investors, including Ripple, Pantera, GSR, Arrington Capital, and SBI Group.
Rather than simply hold $XRP as a passive corporate asset, Evernorth plans to actively manage its treasury. Specifically, the company aims to generate income from its $XRP holdings, support projects across the $XRP ecosystem, and use financial markets to expand its treasury.
Moreover, the firm wants to increase the amount of $XRP held per share over time. This strategy could give shareholders greater exposure to $XRP while also aligning the company’s growth with the broader $XRP ecosystem.
Potential Boost for $XRP Ledger DeFi
Evernorth’s $XRP treasury could also have implications beyond its corporate balance sheet. Proponents argued that the company’s substantial $XRP holdings could become an important source of liquidity for DeFi activity on the $XRP Ledger (XRPL).
Meanwhile, Evernorth plans to support infrastructure for tokenized assets, on-chain lending, and blockchain payments. Consequently, its large $XRP position could provide additional liquidity as the XRPL ecosystem develops new financial applications, including lending products.
If the merger receives shareholder approval, Evernorth would give public-market investors a regulated vehicle for gaining exposure to an $XRP-focused treasury strategy. With at least 473 million $XRP expected at the time of its Nasdaq debut, the company could establish a significant corporate presence within the $XRP ecosystem.