Ripple-Backed Evernorth Plans Nasdaq Listing for XRP Treasury

Evernorth Holdings, backed by Ripple, plans to go public on the Nasdaq and merge with a special purpose acquisition company (SPAC) to raise over $1 billion.

A SPAC is a "blank check" company already listed on an exchange. It raises public capital to acquire a private firm, a process that takes that firm public and bypasses the traditional IPO route.

The capital raised is designated to create the most extensive publicly traded XRP treasury.

Evernorth plans to use its XRP position for institutional lending, providing liquidity, and engaging in DeFi yield strategies.

A public structure (expected ticker XRPN) builds a bridge for institutional capital.

Funds that cannot or will not hold digital assets directly can purchase a regulated U.S. stock instead. This vehicle lets them gain exposure to an active XRP treasury that lends and provides liquidity without taking on the complex technical, security, and compliance work of managing the assets themselves.

Ripple CTO David Schwartz is set to join as a strategic advisor to align the public company's treasury strategy with the core XRP ecosystem.