Evernos, a cryptocurrency treasury company holding about 473 million XRP, is set to start trading on Nasdaq.

Cryptoslate, a blockchain outlet, reported on Friday that Evernos completed its merger with Armada Acquisition Corp II on Wednesday and will begin trading from Saturday under the ticker XRPN.

The company also raised about $300 million in cash before transaction costs. Ripple, SBI Group, Pantera Capital, Kraken and GSR participated in the fundraising. The listing gives stock market investors access to a large XRP-holding company, and expands points of contact between the XRP Ledger (XRPL) ecosystem and capital markets.

Evernos set out a strategy of generating returns by directly managing its holdings rather than relying only on an increase in the XRP price. Chief Executive Officer Ashish Birla (아시시 벌라) said it will invest capital in infrastructure and financial applications and focus on increasing XRP holdings per share. Its scope includes institutional finance, decentralised finance (DeFi), ecosystem participation and capital markets activities.

Birla said in a shareholder letter on Wednesday that financial markets are shifting to always-on blockchain infrastructure that is not constrained by bank and exchange business hours. He said tokenisation could also change how financial assets such as securities and credit are traded, settled and used as collateral.

He also stressed that liquidity must support any move from structure to actual business. Even if tokenised assets can be traded 24 hours a day technically, capital and market participants are needed so investors can buy and sell when they want. Evernos plans to invest capital into XRPL and cooperate with projects that develop institutional financial infrastructure.

It is an attempt to expand the use of XRP from payments to tokenised securities, lending and collateral management. For shareholders, performance will be judged not only by the XRP price but also by how much the company earns from managing its holdings and securing additional tokens.

There are constraints in accounting treatment. In merger-related disclosures, Evernos said it will continue to apply the existing accounting approach for XRP holdings, which deducts accumulated impairment losses from acquisition cost. That differs from a new standard by the Financial Accounting Standards Board (FASB) that values qualifying cryptocurrencies at fair value and reflects unrealised gains and losses in results.

The new standard excludes digital assets created or issued by the reporting entity or its related parties. Evernos is no longer a wholly owned subsidiary of Ripple or within its consolidation scope after the merger, but management judged the two companies remain related parties. It therefore decided to keep the existing cost-and-impairment accounting model for its XRP holdings.

Under that method, price declines and recoveries are reflected asymmetrically in results. If the XRP price falls, the company must recognise an impairment loss. Even if the price later recovers, it cannot raise the carrying value again or immediately reflect unrealised gains in results. For example, if impairment reduces the carrying value of an XRP holding acquired for $100 million to $70 million, the carrying value does not automatically recover even if the market value rises to $150 million.

Management also suggested the possibility of additional impairment. It said the lowest XRP price observed on Coinbase, based on closing prices from July 1 to Oct. 9, was $0.99. Applying that price could result in an additional impairment loss of $6.9 million after June 30, it said. It was not confirmed whether the amount was ultimately recognised.

Such accounting constraints do not block actual profit generation. Evernos can realise gains by selling XRP or generate returns through asset management. Still, the market value of its holdings can diverge from the carrying value and results in its financial statements. In its first post-merger financial statements, the effects of asset-management performance and accounting treatment are expected to be reflected together.