Evernorth’s XRP treasury nears Nasdaq debut with $75M in unrealized gains

Evernorth is nearing the launch of its Nasdaq-listed XRP treasury vehicle. The company’s swift amassing of 388.7 million XRP at today’s XRP price of $2.61 has generated an estimated $75 million in paper profits, based on the entry price of $2.44. 

Evernorth CEO Asheesh Birla announced that the company will be listed on the Nasdaq exchange under the ticker symbol XRPN. He added that world-class leaders and investors, including Ripple, Pantera Capital, SBI, Kraken, and Arrington Capital, back his company’s listing. Ripple co-founder Chris Larsen is also among the heavily vested participants in Evernorth’s funding round. 

Cryptopolitan reported on October 20 that Evernorth is set to go public through a merger with Armada Acquisition Corp II. The newly formed XRP treasury will be led by former 12-year Ripple veteran Birla, who hinted at the firm’s ambition to build an institutional model similar to Ethereum’s for managing XRP.  

Birla says Evernorth is a public XRP treasury with a twist

The Evernorth CEO emphasized that the next wave of crypto adoption will focus on access, trust, and transparency, rather than hype. He urged the crypto community to think of the company as a publicly traded XRP treasury, but with a twist. The executive explained that his company will not only hold XRP; it also aims to grow its holdings actively. 

Birla disclosed the company’s plans to reinvest all the revenue from its treasury into acquiring more XRP, compounding long-term shareholder value. He added that this is just the beginning, stating that his company will provide the public markets and institutional investors with simple, regulated, and liquid exposure to XRP.

The CEO also claimed that his company’s approach is designed to generate shareholder returns while supporting the adoption and utility of XRP. He pointed out that it is a symbolic model and added that his company’s strategy aligns with the growth of the XRP ecosystem.

“We’ve built an incredible team of leaders from crypto, capital markets and finance… people who’ve been at the forefront of innovation, regulation and risk management for years. Together, we’re committed to building something enduring for the long term.” 

–Asheesh Birla, CEO of Evernorth

Asheesh said the company decided to launch the XRP treasury now because, for the first time, XRP has a clear regulatory standing in the U.S., opening the opportunity for large-scale adoption. He added that his company is positioning itself as a trusted and transparent bridge to the public markets. Asheesh emphasized that Evernorth aims to combine institutional discipline with on-chain innovation to grow XRP per share and redefine what a digital asset treasury can be.

Prominent crypto trader James Wynn plans to allocate significantly to XRP

Hyperliquid crypto trader James Wynn recently announced plans to allocate a significant portion of his portfolio to XRP, saying he had spent enough time going down the XRP rabbit hole. He called it a transformative bet on global payments infrastructure, and believes it will place Ripple at the center of everything. 

Wynn envisions the XRP price reaching $500 per coin and central banks using it to offset the $38 trillion U.S. debt. However, he reiterated that it is still a gamble, as all investments are. He called on the crypto community, especially Team XRP, to educate him on the pros and cons of the coin before he joins the bandwagon.

Wynn’s projection reportedly reflects how deeply XRP’s narrative still grips the crypto community. While his predictions are unrealistic, they reveal the cultural persistence of XRP’s underdog status, even as institutional validation continues to grow. 

The timing of Evernorth’s entry reportedly coincides with increasing momentum for regulated XRP treasury buys and other investment products. Other companies planning to establish XRP treasuries include Trident Digital Tech Holdings (TDTH), with an allocation of $500 million, and Webus International (WETO), with an allocation of up to $300 million.

VivoPower International PLC (VVPR) has also announced an allocation of approximately $100 million to the acquisition of XRP. At the same time, Wellgistics Health, Inc. (WGRX) has allocated $50 million for treasury reserve and cross-border XRP vendor payments.

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