Amid a tumultuous period for many crypto treasuries, Evernorth Holdings, which specializes in XRP, is gearing up for a public offering via a merger with Armada Acquisition Corp II. This strategic move comes at a time when treasuries are grappling with significant valuation drops, yet Evernorth”s CEO, Asheesh Birla, remains optimistic about the timing of their entry into the public market.
Birla expressed confidence during a recent interview with Nasdaq MarketSite, stating, “The timing couldn”t be more perfect.” He cited favorable regulatory conditions, supportive administration policies, and the readiness of institutions to engage with digital assets as key factors contributing to this optimism.
Once the merger is finalized, Evernorth will trade on the Nasdaq under the ticker symbol XRPN. The company has faced challenges as capital inflows into crypto have dwindled. The once-booming treasury model has seen many firms curtail their crypto purchases. Notably, strategy-driven purchases accounted for 98% of Bitcoin treasury acquisitions last week, while the Ethereum market saw limited activity, primarily from Bitmine.
Currently, Evernorth”s holdings consist of 388 million XRP tokens, which were acquired at an average price of $2.44 each. With XRP trading at approximately $2.09, the firm is experiencing unrealized losses; its XRP assets are valued at around $812 million compared to a cost basis of $948 million.
Despite the prevailing disinterest in treasury investments, Birla emphasized that Evernorth offers more than just exposure to XRP”s price fluctuations. The firm also manages custody, compliance, and security obligations that clients would face if they opted to purchase the cryptocurrency directly. “A large lion”s share just wanna buy a public stock,” Birla noted, highlighting the ease of investing through Evernorth.
Moreover, the launch of XRP exchange-traded funds (ETFs) has seen remarkable success, amassing over $1.2 billion since their introduction in November and experiencing only a single day of outflows. Birla pointed out the substantial demand for XRP exposure reflected in these figures, stating, “Record-breaking last few weeks for XRP ETFs.”
Looking ahead, Birla stressed that the survival of XRP treasuries hinges on two crucial factors: scale and active management. “You have to have scale. Evernorth is the largest XRP treasury out there,” he commented. He further asserted that firms must actively contribute to the XRP ecosystem”s growth rather than taking a passive approach.
Industry observers echo Birla”s sentiments, with Matt Hougan, Chief Investment Officer at Bitwise, remarking on XRP”s ongoing evolution in determining its market fit. The execution strategies in 2026 will be pivotal in determining whether this ETF launch is among the most successful or whether interest wanes.
