Ripple-Backed Evernorth Lists on Nasdaq with 473 Million XRP Tokens

A company backed by Ripple, Evernorth, is set to list on the Nasdaq under the ticker XRPN on October 8, 2026. The company will have around 473 million XRP tokens on its balance sheet. This news has not yet affected the price of XRP, which remains relatively stable at $1.52.

Evernorth's funding comes from a variety of influential investors, including Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken, and GSR. The company's CEO, Asheesh Birla, is a former senior executive at Ripple who left the board to lead Evernorth.

Evernorth's $1 billion in value is comprised of both XRP tokens and cash. The 473 million XRP it holds is valued at about $720 million at the current price of $1.52. Many of these tokens were contributed by investors like Ripple and were not newly purchased for this deal.

Evernorth plans to use its XRP actively through lending, liquidity support, and other XRP-related activities. However, lending carries risks that passive holding does not, including credit risks and potential price risks.