Evernorth brings 473 million XRP to Nasdaq with Ripple accounting twist
Evernorth lists on Nasdaq with a massive XRP stash
Evernorth is set to begin trading on the Nasdaq exchange on Monday, Oct. 12, under the ticker symbol XRPN. The company has completed its merger with Armada Acquisition Corp. II and said it raised approximately $300 million in gross cash before transaction expenses. It will hold roughly 473 million XRP, making it one of the largest corporate XRP treasuries to appear on a public stock exchange. Backers include Ripple, SBI Group, Pantera Capital, Kraken, and GSR.
What makes Evernorth different from other crypto treasuries
Most corporate crypto treasury companies simply buy and hold digital assets, hoping their price will rise. Evernorth says it will take a more active approach. CEO Asheesh Birla said the company will deploy capital across the XRP ecosystem, supporting infrastructure and financial applications. The goal is to increase the amount of XRP backing each share of stock, not just rely on the token's market price to go up. Birla also wrote in an Oct. 9 shareholder letter that he sees financial markets moving toward blockchain-based systems that can operate around the clock, unlike traditional banking hours. He argued that tokenization could change how securities, credit, and other assets are traded and settled. But he noted that enough market liquidity would be needed for those systems to work in practice.
The Ripple connection creates an accounting problem
Evernorth's ties to Ripple are creating an unusual financial reporting situation. In its SEC filings, the company disclosed that it will continue to account for its XRP holdings using an older method: recording the original purchase price minus any impairment losses when the value drops. In 2023, the Financial Accounting Standards Board introduced a newer standard that allows qualifying crypto assets to be valued at their current market price, with unrealized gains and losses shown in earnings. However, that standard excludes digital assets issued by the company itself or by related parties. Although Evernorth is no longer a wholly owned Ripple subsidiary after the merger, management determined that Ripple and Evernorth are still related parties. As a result, the company concluded its XRP falls outside the newer fair-value standard and must stick with the older cost-minus-impairment approach. The effect is one-sided. If XRP prices fall, Evernorth may have to record a loss on its balance sheet. But if prices later recover, those losses cannot be reversed while the company uses this accounting treatment.
What is confirmed
Evernorth completed its SPAC merger on Oct. 9 and expects to trade on Nasdaq under XRPN on Oct. 12. It holds about 473 million XRP and raised approximately $300 million in gross proceeds. Its backers include Ripple, SBI Group, Pantera Capital, Kraken, and GSR. The company will use an older cost-minus-impairment accounting method for its XRP because it remains related to Ripple, preventing it from using the newer fair-value standard.
What is still unclear
It is not yet clear how effectively Evernorth will be able to grow its XRP per share through active deployment, or how the one-sided impairment rule will affect the company's reported financial results over time if XRP prices fluctuate.
Why this matters
Evernorth's listing represents a step toward bringing XRP into traditional Wall Street investment vehicles. At the same time, the accounting limitation tied to its Ripple relationship shows how closely linked corporate crypto treasuries can remain to their founders, even after going public. Investors will watch whether the active-deployment strategy delivers results and how the impairment-only rule shapes earnings reports.
Where to find the sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.