Uphold has listed Evernorth’s XRPN stock, giving eligible U.S. investors another way to access an XRP-focused business. The company entered public markets with approximately 473 million tokens and plans to generate earnings from its holdings.
Key Takeaways
- Eligible U.S. users can trade XRPN through Uphold’s equities service.
- Fractional investments on the platform start at $5.
- Evernorth raised approximately $300 million in gross cash proceeds.
Uphold Opens Access to Evernorth’s XRP Treasury Stock
Eligible U.S. investors can now trade Evernorth Holdings Inc. (Nasdaq: XRPN) through Uphold following an Oct. 20 listing announcement. The digital asset trading platform disclosed the addition on social media platform X, directing users to its app.
Access to Uphold’s U.S. equities service requires separate onboarding. It offers more than 4,000 U.S. stocks and exchange-traded funds, with fractional investments starting at $5. Purchases can use cash or cryptocurrency converted into dollars. Uphold Securities Inc., a registered broker-dealer, offers the securities, while Apex Clearing Corp. holds them and settles trades.
Buying XRPN gives investors ownership in a business that accumulates and manages XRP, combining cryptocurrency exposure with Evernorth’s financing decisions, operating performance, and treasury management. Direct XRP holders instead own tokens they can transfer to a personal wallet.
Nasdaq Debut Brought 473 Million XRP Into Public Markets
Following its combination with Armada Acquisition Corp. II, Evernorth began Nasdaq trading Oct. 12. Armada was a special purpose acquisition company, a business formed to take another company public through a merger. Its shareholders approved the transaction Sept. 30.
An administrative delay pushed the transaction beyond its original schedule. The revised merger timetable set an Oct. 9 closing and Oct. 12 trading start, replacing the original Oct. 7 and Oct. 8 targets.
At its merger completion on Oct. 9, Evernorth held approximately 473 million XRP and had raised approximately $300 million in gross cash proceeds before transaction expenses. Backers included digital asset investment firms Arrington Capital and Pantera Capital, Japanese financial services company SBI Group, Ripple, Kraken, and GSR, a cryptocurrency trading firm and liquidity provider.
Evernorth Plans to Put Its XRP Holdings to Work
Management outlined how it intends to use those assets in an Oct. 14 announcement naming Ripple, Kraken, Coinbase, and Bitgo as initial execution partners for institutional treasury strategies. Deployment was planned to begin in the fourth quarter. Partnership agreements remain subject to customary closing conditions and required regulatory and corporate approvals.
The company’s plans to increase XRP per share combine further accumulation with earnings from existing holdings. That measure tracks the quantity of XRP relative to outstanding shares. Initial activities would involve established financial and cryptocurrency firms under the oversight of Evernorth’s investment and risk team.
A later phase would allocate capital to decentralized finance applications, which use blockchain-based programs for lending and trading. Evernorth intends to introduce those strategies on the XRP Ledger once native lending capabilities are activated by validators and proven on the live network. Validators are the servers that verify transactions.