Evernorth Holdings, a Ripple-backed XRP treasury, is set to go public via a SPAC merger amid a tough market for crypto treasuries. CEO Asheesh Birla argues the timing is ideal due to a favorable US regulatory environment. The company holds 388 million XRP tokens, currently valued at $812 million.
Evernorth Holdings is preparing to merge with Armada Acquisition Corp II in a special purpose acquisition company (SPAC) deal, which would allow it to trade on Nasdaq under the ticker XRPN. This move comes as crypto treasuries face significant headwinds. After a strong 2025 driven by Donald Trump’s return to the White House and pro-crypto policies that propelled XRP to all-time highs, the market rally faded by year-end. Valuations for treasury companies plummeted, and many halted crypto purchases due to drying capital.
Despite these woes, CEO Asheesh Birla remains optimistic. Speaking at Nasdaq MarketSite on Thursday, he stated, “The timing couldn’t be more perfect.” He highlighted supportive regulations, administration, and institutional adoption as key factors. Evernorth's holdings include 388 million XRP tokens, acquired at an average price of $2.44 per token, per CryptoQuant data. With XRP now at around $2.09, the portfolio stands at approximately $812 million, reflecting unrealized losses against a $948 million cost basis.
Birla emphasized Evernorth's broader role beyond mere exposure to XRP prices. The firm manages custody, compliance, and security for clients, simplifying access akin to buying public stock. He noted, “A large lion’s share just wanna buy a public stock. We made it as easy as buying a public stock.” Plans include generating yield from holdings to acquire more tokens.
Positive signals include the success of XRP exchange-traded funds (ETFs), which have amassed over $1.2 billion since November, with just one outflow day, surpassing Bitcoin and Ethereum ETFs. Birla called it “record-breaking last few weeks for XRP ETFs,” indicating strong demand.
Survival in the sector, Birla argued, requires scale and active involvement. “Evernorth is the largest XRP treasury out there,” he said, stressing the need to steward the ecosystem's growth. Industry expert Matt Hougan, CIO at Bitwise, echoed concerns about XRP's path, stating, “XRP is still figuring out its product-market fit. How it executes in 2026 will determine whether this becomes one of the most successful ETF launches in the market, or whether that demand fizzles out.”
