Evernorth plans Nasdaq listing with $656M XRP treasury, offering public XRP exposure via XRPN shares.

Evernorth, holding over 473 million XRP valued at $656 million, is moving forward with a Nasdaq listing through a merger with Armada Acquisition Corp II. The company, led by Ripple veteran Asheesh Birla, focuses on actively managing XRP in its treasury to generate yield using lending and DeFi strategies. The listing under ticker XRPN will allow public investors to gain regulated exposure to XRP without directly holding the tokens, appealing to institutions and retail investors alike. Evernorth has also expanded its board with experts from OpenAI and institutional finance, preparing for regulatory review and public market debut expected soon.