Popular cryptocurrency trading platform Uphold now offers the stock of Evernorth Holdings (XRPN) for trading, which is a publicly traded firm with a colossal XRP treasury.
Per the update, Uphold's clients are now able to buy fractional shares of Evernorth directly on its app.
The securities are available through Uphold Securities Inc., which is a registered broker-dealer and member of FINRA and SIPC. The shares are held at Apex Clearing Corporation.
This development will offer eligible Uphold users another avenue to gain indirect exposure to the XRP ecosystem without actually buying the crypto.
While XRP is a cryptocurrency, XRPN is the equity stake in Evernorth. Hence, its price performance will be tied to the firm's valuation and treasury utilization, among other factors, unlike that of XRP.
Evernorth's colossal XRP treasury
This news arrives as Evernorth recently made its highly anticipated public market debut with XRPN on Nasdaq on October 12.
On October 9, Evernorth wrapped up the business combination with Armada Acquisition Corp. II, bringing it to the public markets with about 473 million XRP and around $300M in gross cash proceeds (before transaction expenses).
Thus, Evernorth is now one of the largest publicly traded XRP-holding corporations.
Evernorth has former Ripple executive Asheesh Birla at the helm of its business. Its investors include Ripple, SBI Group, Kraken, Pantera Capital, and other notable players in the crypto industry.
Arman Shirinyan
Dan Burgin
