Evernorth Holdings, a major XRP treasury company, is preparing to go public on the Nasdaq exchange in the first quarter of 2026 through a SPAC merger with Armada Acquisition Corp II. Once finalized, the company will trade under the ticker symbol XRPN. CEO Asheesh (Ashish) Birla announced the plans during an interview on Nasdaq's Live from MarketSite on January 15, 2026, stating, "The timing couldn't be more perfect."
Birla framed the IPO as a direct response to growing institutional readiness and a favorable regulatory environment, which he attributed in part to the crypto-friendly policies of the Trump administration. He positioned Evernorth's stock as a simplified gateway for traditional investors to gain exposure to XRP without the complexities of direct custody, compliance, and security management. "A large lion's share just wants to buy a public stock," Birla said. "So we made it as easy as buying a public stock. And we'll figure that stuff out for you."
The company's core asset is its massive XRP treasury. According to CryptoQuant data, Evernorth holds 388 million XRP tokens purchased at an average price of $2.44. With XRP trading around $2.07-$2.09 at the time of the announcement, the company is sitting on significant unrealized losses, with its holdings valued at approximately $812 million against a cost basis of $948 million.
Despite the broader downturn in crypto treasury valuations, Birla emphasized Evernorth's active strategy. The company plans to generate yield on its XRP holdings and reinvest the proceeds to buy more tokens. He also stressed the importance of being an active steward in the XRP ecosystem, helping to develop financial products on the blockchain. "They can't be passive. They have to be active stewards of helping the ecosystem flourish and develop," Birla argued.
The announcement comes amid a successful launch for XRP exchange-traded funds (ETFs), which have accumulated over $1.2 billion since November with minimal outflows, a pace that has outpaced Bitcoin and Ethereum ETFs in the same period. Birla cited this as evidence of strong public market demand for XRP exposure.
