Evernorth Clears Path to Public Listing with XRP-Focused Treasury

Evernorth, backed by Ripple and other crypto heavyweights, has cleared its final hurdle to go public after shareholders approved its merger. The company will list on the Nasdaq under the ticker 'XRPN' next week, following a deal that raised over $1 billion. This includes $225 million from private placements, $30 million in convertible note financing, and about $48 million in trust proceeds.

Evernorth claims it will be the largest publicly traded pure-play XRP treasury company, holding around 473 million XRP at closing. The firm's fortunes will track XRP's price, which can swing sharply in either direction. Asheesh Birla, Evernorth's founder and CEO, said 'Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy.'

The listing adds XRP to the digital-asset treasury trend, where public companies raise capital to stockpile a single crypto asset. Evernorth intends to grow its XRP per share over time through yield strategies, ecosystem participation, and capital-markets activity.