Will XRP DAT Evernorth’s latest update push its 8% weekly price gains even higher?
Could Evernorth become the Strategy of the XRP treasury market?
Evernorth, the world’s largest XRP digital asset treasury, has announced that it is getting closer to becoming a publicly traded company with XRP as the core of its business strategy.
Now, unlike companies whose main strategy is to simply buy a cryptocurrency and hold it, Evernorth says it intends to use its capital more actively across the XRP ecosystem. On 27th August, the U.S SEC also declared Evernorth and Armada’s Form S-4 registration statement effective.
Evernorth plans to go public through a proposed merger with Armada Acquisition Corp. II, a SPAC. If completed, the deal would give public-market investors exposure to Evernorth’s XRP-focused treasury strategy without a traditional IPO.
Evernorth’s intention with this merger
With the S-4 now effective, Evernorth and Armada can move forward with the shareholder approval process, along with getting close to being listed on NASDAQ. The companies are currently expecting the deal to close in late Q3 or early Q4 of 2026.
Besides this, Evernorth also pointed to areas such as tokenized assets, on-chain credit markets, and blockchain-based settlement infrastructure.
Hence, with all these agendas, the company wants its XRP treasury and balance sheet to help finance that development. Since Evernorth is the largest XRP DAT, this might push other firms in the hierarchy to go ahead and take such an approach.
Like how Strategy is an inspiration for Bitcoin DATs and Bitmine is for Ethereum DATs. Evernorth could do the same for XRP DATs.
Remarking on the same, Asheesh Birla, Founder and CEO of Evernorth said,
We plan to enter public markets as blockchain utility continues to grow, and we believe institutional finance will increasingly be built on-chain. Evernorth is designed to accelerate XRP’s role in that work.
XRP price and market dynamics paint a confusing picture
At the time of writing, XRP’s price was changing hands at $1.42 after a hike of 1.3% in 24 hours and 8% over the past week. However, the RSI indicator seemed to be showing signs of pullback. This suggested that there may be room for sellers to flip the script.
This further coincided with the Futures trading volume across Binance, Bybit, OKX, and Bitget climbing to $11.37 billion on 22nd August, its highest figure since early February. Meanwhile, XRP ETFs’ monthly performance has been on a streak of inflows with just one month of exception in March 2026.
As it stands, only two companies so far have XRP in their treasuries. While Evernorth has 473,276,430 XRP worth $672.37 million, Remixpoint, the second-largest XRP DAT, has 1,191,204 XRP worth $1.69 million.
Final Summary
- Evernorth has received a green light from the SEC and could soon be listed on Nasdaq.
- The XRP DAT is the largest holder of XRP with 473,276,430 XRP worth $672.37 million.
