Evernorth Holdings, a company managing a massive XRP treasury, has officially gone public on Nasdaq, trading under the ticker XRPN. The move transforms what began as a crypto-native balance sheet into one of the most visible institutional experiments in tokenized corporate finance.
Evernorth’s entry into the market comes after completing its merger with Armada Acquisition Corp. II, a special-purpose acquisition company that has now rebranded its listing from AACI to XRPN. The transformation brings with it more than $1 billion in capital – funds already deployed into the open market to build a long-term XRP reserve.
This transition effectively turns Armada’s shell structure into a live treasury operation designed to accumulate, manage, and deploy XRP at scale. The company’s filings reveal holdings exceeding 388 million XRP tokens, giving it a portfolio worth roughly $1 billion.
For Ripple, the company behind the XRP ledger, this debut represents validation of a long-held goal – driving institutional adoption through liquidity-backed balance sheets.
Armada’s chairman and Arrington Capital founder Michael Arrington called the debut a milestone in institutional integration. “Evernorth embodies the bridge between digital assets and corporate treasuries,” he said, emphasizing the company’s role in redefining how traditional markets gain exposure to tokenized liquidity.
Evernorth has already forged relationships with Hidden Road, GTreasury, and Standard Custody, building the operational infrastructure to handle custody, settlements, and compliance for its XRP-based balance sheet.
Evernorth joins a new wave of public companies experimenting with on-chain balance sheets, including VivoPower International and Trident Digital Tech Holdings, both of which are integrating tokenized treasuries into their business structures.
The XRP ecosystem has seen renewed activity in 2025, driven by multiple regulatory and market developments. Several major asset managers – including Grayscale, 21Shares, Franklin Templeton, and Bitwise – have submitted updated filings for XRP exchange-traded funds, signaling that ETF approvals may be near despite ongoing U.S. government gridlock.
According to Bitwise estimates, a greenlight for XRP ETFs could trigger billions in inflows, backed by the token’s large and active community. Bitwise’s Matt Hougan said earlier this month that “XRP’s base is uniquely positioned to drive institutional inflows at scale.”
At the same time, CME Group is expanding its XRP derivatives offerings. Following the successful rollout of futures earlier this year, the exchange launched XRP options trading, capturing institutional traders looking for exposure with structured risk.
CME has processed more than 567,000 XRP futures contracts since May – roughly $27 billion in total volume – signaling deep liquidity and a maturing derivatives ecosystem. The REX–Osprey XRP ETF, which recently surpassed $100 million in assets, adds another layer of legitimacy to the asset’s financial footprint.
Evernorth’s Nasdaq listing is more than a corporate milestone – it’s a structural shift in how capital markets interact with crypto assets. By merging a public equity model with a blockchain-based treasury, the company is testing a blueprint that merges liquidity, compliance, and decentralization into one operating framework.
If successful, it could mark the beginning of a broader tokenized treasury era, where digital assets like XRP move from speculative holdings to strategic financial instruments within listed corporations.
The public listing under XRPN doesn’t just give Evernorth visibility – it gives XRP itself a foothold in the world’s most established capital market.
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