Evernorth Holdings (XRPN) rose as much as 5% in its Monday Nasdaq debut, marking the first listing of a pure-play XRP digital asset treasury on the exchange, according to Yahoo Finance data.

The debut caps a months-long path to public markets. On Oct. 2, shareholders of blank-check firm Armada Acquisition Corp. II approved the combination with Evernorth, clearing the way for the listing.

The company expects to hold roughly 473 million XRP, currently valued at $657 million, a position it says makes it the largest publicly traded XRP treasury company.

Who will run the XRP treasury?

Evernorth named former Coinbase Asset Management Co-Chief Investment Officer Hugo Jeandesboz as its chief investment officer on Monday. He will lead treasury strategy, covering treasury allocation, liquidity management and active management of the XRP holdings, according to a company announcement.

The appointment signals an operational model that goes beyond passive custody. Evernorth deploys its XRP holdings into decentralized finance (DeFi) yield strategies to generate additional income.

What does the listing mean for XRP market structure?

The listing gives equity-market investors indirect exposure to XRP through a regulated Nasdaq vehicle rather than direct token ownership. Evernorth's roughly $657 million position concentrates XRP exposure in a single publicly traded entity with a mandate to put the holdings to work in DeFi protocols.

For context, XRP traded near $1.39 with $1.48 billion in 24-hour volume, according to Coingecko. At that price, the token carries a market capitalization of roughly $87.8 billion, ranking it as the fifth-largest cryptocurrency.

Why corporate treasuries are expanding beyond Bitcoin

The Evernorth listing extends the corporate treasury trend beyond Bitcoin-focused vehicles. Companies holding ETH, SOL and now XRP have followed the playbook pioneered by Bitcoin treasury firms, pairing a SPAC or direct listing with a yield-generating mandate for the underlying assets.

The DeFi yield component differentiates the model from passively held treasuries. It introduces operational risk — smart contract exposure and protocol selection — in exchange for income on assets that would otherwise sit idle on the balance sheet.

Jeandesboz's hire, with a background at Coinbase Asset Management, pairs institutional asset management experience with that active deployment strategy.

With the listing complete, attention shifts to execution: how effectively Evernorth manages its 473 million XRP across DeFi strategies will determine whether the treasury model scales beyond its debut valuation.