How Evernorth Plans to Bring XRP to Wall Street Like a Public Stock

• Evernorth targets Q1 2026 Nasdaq IPO to make institutional XRP easy exposure.
• Executive says recent XRP ETFs saw record demand from public-market investors.
• Company plans over $1B raise to build the largest institutional XRP treasury.

Institutional access to crypto has long been complicated. Custody rules, compliance risks, security concerns, and unclear regulations have kept many large investors on the sidelines. Now, a new public-market approach built around XRP aims to change that.

During a recent interview at the Nasdaq, Evernorth executive CEO Asheesh Birla explained how the company plans to make institutional XRP exposure as simple as buying a stock, ahead of its planned Q1 2026 IPO.

Why Timing Matters for XRP Adoption

Birla, who has worked in blockchain since 2013, said the current moment feels different from past crypto cycles. According to him, institutions now have clearer regulations, a more supportive policy environment, and real demand from investors.

“It was a record-breaking few weeks with XRP ETFs. That’s great news. That shows that there is a demand from the public market to gain exposure to XRP, a digital asset that is at the forefront of the financial revolution on blockchain,” he said.

Turning XRP Into a Public-Market Asset

Evernorth’s core idea is straightforward. Many institutions want exposure to digital assets but prefer familiar structures. Rather than holding crypto directly, they would rather own shares in a regulated public company.

That is where Evernorth comes in. By buying the company’s Nasdaq-listed stock, expected to trade under the ticker XRPN, investors gain indirect exposure to XRP without dealing with custody or regulatory complexity. Evernorth handles the operational heavy lifting behind the scenes.

Birla said this approach targets the “large majority” of institutions that want crypto exposure but do not want to build in-house crypto infrastructure.

Related: U.S. Senate Delays CLARITY Act Markup After Coinbase Withdraws

Building the Largest Institutional XRP Treasury

Evernorth is not positioning itself as a passive holder. The company plans to operate the largest institutional XRP treasury in the public markets and actively manage it.

According to previously disclosed details, Evernorth expects to raise over $1 billion in gross proceeds through its public listing. A significant portion of that capital will be used to buy XRP in the open market, while the rest will support operations and long-term strategy.

The transaction includes backing from major industry players such as Ripple, SBI, Pantera Capital, Kraken, and GSR, along with participation from Ripple co-founder Chris Larsen.

Active Stewardship, Not Just Holding XRP

A theme Birla emphasized is that winning digital-asset treasuries cannot be passive. Evernorth plans to actively participate in the XRP ecosystem by supporting financial products, generating yield, and reinvesting returns back into its treasury.

This approach, he argued, is what will separate long-term winners from companies that simply sit on crypto assets without contributing to ecosystem growth.

Related: Ripple’s CEO Expresses Optimism Regarding Crypto Market Structure Legislation