Uphold has started trading XRPN, the stock of Evernode Holdings, a listed company that holds large amounts of XRP. Uphold users can now buy Evernode shares in fractional form on the mobile app.

On Oct. 20, blockchain media outlet U.Today reported that Uphold recently announced the new listing in a post on X, formerly Twitter, and described XRPN as "listed equity based on a company's XRP treasury assets." The notice also included the phrase "New stock listing: $XRPN." Securities services are provided through Uphold Securities, and Apex Clearing handles share custody.

The listing allows users who meet Uphold's eligibility requirements to gain exposure to the XRP ecosystem without directly buying XRP. XRPN is not XRP itself, but an equity stake in Evernode. The stock price is influenced not only by XRP prices but also by the company's value, treasury-asset management and overall market conditions.

In the background is Evernode's recent listing schedule. Evernode listed on Nasdaq on Oct. 12 under the ticker XRPN. Ahead of that, it completed a business combination with Armada Acquisition Corp II on Oct. 9, and entered the public market holding about 473 million XRP and total cash of about $300 million before transaction costs as of the deal's completion date.

This made Evernode one of the listed companies with the largest XRP holdings. The company is led by Ashish Birla (아시시 비를라), a former Ripple executive, and investors include Ripple, SBI Group, Kraken and Pantera Capital.

Evernode has also set out a policy of not stopping at holding XRP on its financial statements. The company said on Oct. 14 it would work with Ripple, Kraken, Coinbase and BitGo to deploy its large XRP treasury into institutional strategies from the fourth quarter of 2026. In the long term, it plans a strategy to increase the amount of XRP backing each share through institutional lending, use of DeFi opportunities and other management activities.

Uphold's listing is an extension of Evernode's efforts to broaden investor touchpoints soon after listing. With Uphold closely tied to XRP trading, Evernode can more easily reach existing cryptocurrency investors.

Still, investing in XRPN differs from directly holding XRP. Shareholders must also bear risks that can arise from Evernode's business operations and active treasury-asset management, beyond cryptocurrency price fluctuations. As a result, while XRPN broadens XRP-linked investment options, its return and risk profile should be viewed separately from spot holdings.