Evernorth Holdings Moves to Become Largest Publicly Traded XRP Treasury
- Evernorth Holdings filed an S-4 registration statement with the SEC on March 18, aiming to merge with Armada Acquisition Corp. II.
- The company currently holds 388 million XRP tokens, purchased at an average price of $2.44, making it the largest institutional holder of XRP.
- Evernorth plans to trade on Nasdaq under the ticker XRPN and aims to actively grow its XRP holdings through institutional lending and DeFi participation.
- The SEC and CFTC recently classified XRP as a digital commodity, providing regulatory clarity for investors.
- XRP’s market cap reached $93.03 billion, with the token trading at $1.52 after reclaiming fourth place in global crypto rankings.
This merger could open access for institutional investors who are typically restricted from holding digital assets directly, enhancing the overall XRP ecosystem as it sees record growth in holders and active addresses.
With cumulative inflows into spot XRP ETFs surpassing $1.24 billion, Evernorth’s planned Nasdaq listing represents a significant step forward for institutional investment in XRP.
