Uphold Adds Evernorth Shares for Eligible U.S. Customers

Uphold made Evernorth Holdings Inc. shares available to eligible U.S. customers on Oct. 20, adding brokerage access to a company whose treasury centers on XRP.

XRPN is Evernorth’s Class A common stock. A share represents partial ownership in the company, not direct ownership of XRP. Uphold’s U.S. equities service requires additional onboarding, and fractional stock purchases start at $5. Uphold Securities Inc. offers the securities, while Apex Clearing Corp. carries and clears brokerage accounts. The $5 minimum applies to fractional stock purchases, not to an amount of XRP.

Evernorth held approximately 473 million XRP as of the Oct. 9 close of its business combination with Armada Acquisition Corp. II. Its Nasdaq debut under XRPN followed on Oct. 12, three days after the transaction closed.

The Oct. 9 closing produced $272.6 million in gross cash proceeds before transaction expenses. That total included $224.6 million from private placements and $48 million released from the SPAC trust after redemptions. Investors also contributed 388,910,554 XRP in kind, separate from the cash proceeds. The gross cash figure is before expenses, and the XRP contribution is not part of that cash total.

Evernorth issued a separate $30 million convertible senior payment-in-kind (PIK) note on Oct. 12. The note carries 4% annual interest paid in kind, and its proceeds were approximately $30 million before transaction expenses. Its issuance date separates the financing from the Oct. 9 closing proceeds.

Ripple, Kraken, Coinbase and BitGo were identified as Evernorth’s initial partners for institutional execution. The strategies are planned for the fourth quarter of 2026, with launch dependent on routine closing requirements and the necessary corporate and regulatory approvals. The plan does not specify how much XRP will be deployed or what earnings the strategies may generate.

Any later decentralized finance activity on the XRP Ledger depends on native lending and credit features being activated by validators and proven in production. That step is separate from the planned institutional strategies.

Evernorth and its subsidiary had no operating history or revenue. The company’s results are expected to depend heavily on XRP’s historically volatile price, giving XRPN holders company-level risks alongside exposure tied to the token treasury.