Uphold has added Evernorth Holdings Inc. stock to its platform, allowing eligible U.S. investors to trade shares of the public company that accumulates and manages XRP. The digital asset trading platform announced the listing on Oct. 20 in a post on X.

Evernorth, which trades under the ticker XRPN, began trading on Nasdaq on Oct. 12 after completing a merger with Armada Acquisition Corp. II. At the time of the transaction’s closing, the company held approximately 473 million XRP and had raised approximately $300 million in gross cash proceeds before transaction expenses.

Owning Evernorth shares differs from holding XRP directly. Shareholders own an interest in a business, while direct XRP holders own tokens that can be transferred to a personal wallet. The value of an investment in Evernorth therefore depends on more than the price of XRP and may also reflect the company’s financing decisions, operating performance, and treasury management. The listing gives Uphold’s brokerage customers a way to hold that interest through securities accounts rather than crypto wallets.

Uphold announced the listing in the following X post:

New stock listing: $XRPN @Evernorthxrp (XRPN), the public stock backed by a corporate XRP treasury, is now available to trade on Uphold. Check it out in the Uphold app Securities are offered via Uphold Securities Inc. in a fractional capacity and custodied by Apex Clearing… pic.twitter.com/XR7Z5tbFRb — Uphold (@UpholdInc) October 20, 2026

https://x.com/UpholdInc/status/2112544535569985569?ref_src=twsrc%5Etfw

Evernorth’s path to Nasdaq

Evernorth entered the public markets through a combination with Armada Acquisition Corp. II, a special purpose acquisition company formed to take another company public through a merger. Armada shareholders approved the transaction on Sept. 30. The SPAC merger is an alternative route to public trading that bypasses a traditional initial public offering.

An administrative delay pushed the deal beyond its original schedule. The initial plan called for the transaction to close on Oct. 7, followed by the start of trading on Oct. 8. Under the revised timeline, the closing took place on Oct. 9, and Evernorth’s first trading day was Oct. 12.

At closing, Evernorth held approximately 473 million XRP and had raised approximately $300 million in gross cash proceeds. Its backers included Arrington Capital, Pantera Capital, SBI Group, Ripple, Kraken, and GSR. SBI Group is a Japanese financial services company, while GSR is a cryptocurrency trading firm and liquidity provider.

Evernorth’s XRP treasury strategy

On Oct. 14, Evernorth identified Ripple, Kraken, Coinbase, and BitGo as its initial execution partners for institutional treasury strategies. The company said deployment was planned to begin in the fourth quarter. The partnership agreements remain subject to customary closing conditions, as well as regulatory and corporate approvals—making the start of deployment and the clearing of those conditions the near-term company milestones to watch.

Evernorth aims to increase its XRP per share, a measure of the amount of XRP held relative to the company’s outstanding shares. It plans to pursue that objective by purchasing additional XRP and generating returns on its existing holdings.

The company said its initial activities would involve established financial and cryptocurrency firms and would be overseen by its investment and risk team. In a later phase, Evernorth plans to allocate capital to decentralized finance applications, which use blockchain-based programs for activities such as lending and trading.

Evernorth intends to deploy those strategies on the XRP Ledger after validators—the servers that verify transactions—activate native lending features and those features are proven on the live network. That dependency ties the timing of the later phase to validator activation on the XRP Ledger, a development to track as the treasury strategy unfolds.

Uphold’s U.S. equities service requires separate onboarding from its cryptocurrency platform. The service provides access to more than 4,000 U.S. stocks and exchange-traded funds and supports fractional investments starting at $5. Customers can purchase shares with cash or with cryptocurrency converted into dollars. For XRPN, that means the position sits inside a conventional brokerage framework, with shares held by a clearing firm rather than tokens stored in a blockchain wallet.

Uphold Securities Inc., a registered broker-dealer, offers the securities. Apex Clearing Corp. holds the securities and settles the trades.

Source: https://blockonomi.com/xrp-treasury-company-evernorth-now-available-to-uphold-stock-investors/