Evernorth Launches Nasdaq Trading With XRP Treasury Strategy

Evernorth Holdings completed its merger with Armada Acquisition Corp. II and prepared its Nasdaq debut under XRPN on October 12, 2026, creating a public XRP treasury company with about 473 million XRP and roughly $300 million in gross cash proceeds to expand institutional activity around the XRP ecosystem.

According to Evernorth disclosures, the company completed the business combination on October 9 and entered public markets with XRP holdings, cash resources, and backing from investors including Ripple, SBI Group, Pantera Capital, Kraken, and GSR.

According to Evernorth, its strategy differs from passive digital asset holdings because it plans to deploy capital across infrastructure, decentralized finance, yield strategies, and capital market activities connected to the XRP ecosystem.

"Our goal was to create something unique: an actively managed XRP treasury purpose-built to support the growth of the ecosystem with the transparency and governance that public markets demand." said Asheesh Birla, Founder and CEO of Evernorth.

The company outlined plans to use its treasury operations to increase XRP holdings per share over time while operating under Nasdaq reporting and governance standards.

"We’ll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP’s utility, and pursuing strategies designed to grow XRP per share over time." said Asheesh Birla, Founder and CEO of Evernorth.

Evernorth also appointed Hugo Jeandesboz as Chief Investment Officer to lead treasury allocation, liquidity management, and active management of XRP holdings. The company said his background includes institutional trading and portfolio management across digital assets and traditional financial markets.

"Hugo brings distinct experience that aligns with our active treasury strategy," said Asheesh Birla, Founder and CEO of Evernorth.

Jeandesboz previously served as Co-Chief Investment Officer at Coinbase Asset Management and led investment strategies for institutional clients before joining Evernorth.

"The financial system is being rebuilt on programmable rails, and the XRP Ledger is becoming infrastructure where institutional capital can operate," said Hugo Jeandesboz, Chief Investment Officer of Evernorth.

Evernorth's financial disclosures also highlighted an accounting issue tied to its relationship with Ripple. The company said XRP holdings would remain under a historical cost model with impairment losses that cannot be reversed when XRP prices recover.

According to Evernorth filings, the accounting treatment may create differences between reported book values and market values because XRP price increases may not immediately appear as gains in financial statements.