XRP treasury firm Evernorth’s CEO, Asheesh Birla, has explained how his company differs from other digital asset treasuries (DATs). He stated that they intend to actively generate yields for investors as soon as they list on the Nasdaq under the ticker ‘XRPN.’
During an interview on the Paul Barron Network, Birla said that Evernorth is an easy way for institutions to get exposure to XRP and that they are an active digital asset treasury. He explained that when they finalize their public listing, they will generate yields, which is what their active treasury management system will focus on.
It is worth noting that the XRP treasury company is currently among the stakeholders in the XRP community pushing for the XLS-66 amendment, which will enable an institutional lending protocol from which investors can earn yields. The Evernorth CEO also commented on potential products from his company that could be similar to Strategy’s Bitcoin-backed security, Stretch.
He opined that there would be several use cases for companies like Evernorth, Strategy, and other digital asset treasuries. Although he didn’t mention a particular product his company is working on, Birla noted that there is an “ocean of opportunities” to explore and move into. As for what makes his company the leading XRP treasury, he noted that there hadn’t been a breakaway success before they launched.
Birla opined that the XRP ecosystem needs a company like Evernorth to bring traditional capital on-chain. He added that many institutions would never hold crypto, but they could get comfortable gaining XRP exposure through a stock like XRPN. The Evernorth CEO also expressed excitement about the on-chain products being built in the XRP ecosystem, especially as they relate to DeFi.
The company’s latest SEC filing shows that it plans to launch with corporate XRP holdings of at least 473 million at closing. This includes 126.8 million XRP that Ripple contributed to the company as part of its primary backers. The XRP treasury revealed that it had also purchased 84.3 million XRP using $214 million in aggregate cash proceeds from a funding agreement. It purchased these tokens at an average price of $2.5 per XRP.
Ahead of the public listing, Evernoth has also unveiled four directors who are expected to join the board once the business combination closes. These directors include Ripple’s Chief Legal Officer (CLO) Stuart Alderoty, OpenAI Foundation’s CFO Robert Kaiden, Ted Janus, and Antalpha COO Dr. Derar Islim.
At the time of writing, the XRP price is trading at around $1.41, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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