Ashish Birla, CEO of Evernorth, has detailed what he describes as the first institutional XRP treasury model, positioning his firm as a regulated conduit for large-scale capital entering the XRP ecosystem. This strategic reveal comes ahead of Evernorth's planned listing on the Nasdaq stock exchange under the ticker symbol XRPN.
During an appearance on Ripple's "Onchain Economy" series, Birla explained that Evernorth operates as an active operating treasury, not a passive holder. The firm accumulates XRP and deploys it into yield-bearing instruments across the XRP Ledger (XRPL). Evernorth also directly supports network infrastructure by running validators and backing protocol development.
Birla's strategy is built on three core foundations: regulated exposure to XRP, structured yield and liquidity management, and institutional participation in Decentralized Finance (DeFi). The treasury model will lend XRP through standards like XLS-66, channeling capital to on-chain yield-generating projects while adhering to institutional oversight and compliance controls.
"Institutional DeFi is finally ready for primetime," stated Birla, citing regulatory clarity around XRP and the growing suite of DeFi tools on the XRP Ledger as key enablers. Evernorth, which operates the world's largest XRP-focused digital asset treasury, plans to deploy holdings into lending, staking, and other DeFi strategies on the XRPL.
The Nasdaq listing is a significant component of this plan, as it would provide public market investors with equity exposure to a company whose core business is XRP treasury deployment. This differs from spot exchange-traded products by combining operating income, validator participation, and protocol-level engagement with digital asset reserves.
If executed successfully, Evernorth's model could transform XRP's role from a transactional bridge asset into a balance sheet instrument for treasury management, yield generation, and infrastructure participation. The scale of institutional adoption will depend on sustained regulatory stability and measurable on-chain returns, but the framework signals a structural evolution in how XRP may be integrated into traditional finance portfolios.
