Evernorth Starts Nasdaq Trading as Pure-Play XRP Treasury Company

Evernorth Holdings began trading on Nasdaq Monday as a pure-play XRP treasury company, with shares rising 5% in their first session under the ticker XRPN.

The company holds about 473 million XRP, valued at approximately $657 million based on an XRP price of $1.39. Evernorth became public through a combination with Armada Acquisition Corp. II, whose shareholders approved the transaction on Oct. 2.

Evernorth’s strategy extends beyond holding XRP in custody. The company plans to deploy part of its treasury through decentralized finance, or DeFi, yield strategies while managing its XRP position and liquidity.

The Nasdaq debut also brought a leadership change. Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, became Evernorth’s chief investment officer. He will oversee treasury strategy, capital allocation, liquidity management and active management of the company’s XRP holdings.

The listing adds a publicly traded vehicle for investors seeking stock-market exposure to a company focused exclusively on XRP. Evernorth’s next major test will be how it reports its holdings and DeFi returns after entering the public market.