Evrnos Holdings is close to launching what it calls the first listed company to put an XRP treasury strategy front and centre.

On Sept. 9, blockchain media outlet Decrypt reported that Evernos will largely complete its Nasdaq listing process if shareholders approve a merger with Armada Acquisition Corp II at a vote scheduled for Sept. 30.

A key part of the deal is that Evernos is expected to hold at least 473 million XRP at the time of listing. The ticker symbol was presented as XRPN. If the merger is completed, Evernos will position itself as a publicly listed company that puts expanding its XRP holdings at the core of its corporate strategy.

The biggest remaining variable is shareholder approval. The U.S. Securities and Exchange Commission has already completed procedures on the registration statement, but shareholder consent and other closing conditions remain until final completion. If shareholders pass the merger on Sept. 30, the deal is expected to close at the end of the third quarter or early in the fourth quarter, with Nasdaq trading expected to begin afterward.

Evrnos has increased its XRP holdings in stages. It initially secured 388 million XRP, much of which came from transferred holdings from contributors including Ripple and Ripple chairman Chris Larsen (크리스 라슨). Evernos then expanded its holdings to 473 million XRP using part of $1 billion raised from Ripple, Pantera, GSR, Arrington Capital and SBI Group, among others.

Evrnos also laid out plans not to treat XRP as a simple hold-only asset. It said it will actively manage its XRP treasury to generate returns, support projects across the XRP ecosystem and use financial markets to further expand the size of its treasury. It also plans to pursue a long-term strategy to increase XRP holdings per share. If this structure takes hold, shareholders would be exposed not only to XRP price moves but also to the company’s treasury-expansion strategy.

Such a large holding could affect liquidity in the XRP Ledger ecosystem beyond corporate treasury management. Market supporters believe Evernos’ large XRP stake could become an important liquidity source for XRP Ledger-based DeFi activity. Evernos has also set plans to support tokenised asset infrastructure, on-chain lending and blockchain payment support.

As a result, Evernos’ role after listing may not remain limited to being a company that holds XRP. If the company actually supplies liquidity to new financial applications including lending products, a structure could form within the XRP Ledger that combines a treasury-strategy company with an infrastructure support role.

If the merger is approved, public-market investors would gain a way to access an XRP-centred treasury strategy within a regulatory framework. If Evernos enters Nasdaq holding at least 473 million XRP, its presence as a corporate holder within the XRP ecosystem is expected to grow further.