Evernorth Holdings, a new firm backed by Ripple, is advancing its initiative to establish a publicly traded treasury of XRP tokens on Nasdaq. Currently, the company has accumulated 388.7 million XRP tokens, representing a significant asset base valued at about $1 billion.

As reported on Monday, Evernorth’s holdings indicate a substantial investment in the cryptocurrency, with XRP trading at over $2.60, marking a considerable achievement shortly after its official launch on October 20 as a channel for XRP adoption.

Plans for Public Launch

With a treasury containing $1 billion worth of XRP, Evernorth is on the brink of launching its XRP treasury vehicle on Nasdaq, slated to operate under the ticker symbol XRPN, as recently highlighted by CEO Asheesh Birla. Birla, who has spent over a decade at Ripple, transitioned to this new role after stepping down from Ripple’s board of directors in October.

Evernorth’s strategy includes raising a minimum of $1 billion through a merger with Armada Acquisition Corp II, benefiting from private investments from Ripple, the Japanese SBI Group, and the nonprofit Rippleworks.

Birla emphasized the strong backing of notable investors and underscored the regulatory clarity for XRP in the U.S., suggesting this context will support large-scale adoption. He stated:

“So why now? For the first time, XRP has clear regulatory standing in the United States, opening the door for large scale adoption. Evernorth is positioned to be that trusted, transparent bridge to the public markets.”

This development comes amidst increasing speculation regarding the launch of spot exchange-traded funds (ETFs) for XRP, following anticipated launches for other cryptocurrencies on Nasdaq.