Crypto commentator John Squire (@TheCryptoSquire) recently shared a video that quickly circulated among XRP watchers. He revealed that Evernorth, the company building the world’s largest institutional/public XRP treasury, plans an IPO on Nasdaq in the first quarter of 2026.
Squire sees this move as a clear sign of adoption, indicating institutional access, on-chain yield strategies, and XRP purchases from the open market. The video he shared came from Nasdaq’s MarketSite. It featured an interview between host Christina Ayanian and Evernorth CEO Ashish Birla.
$XRP GOES PUBLIC 🚨
Evernorth plans a Q1 2026 IPO on Nasdaq with an active XRP treasury. Institutional access, DeFi yield, and XRP bought directly from the open market.
This is what adoption looks like. 🚀 #XRPpic.twitter.com/FM6BPFcaxX
— John Squire (@TheCryptoSquire) January 15, 2026
Evernorth’s Strategy for Public Market Exposure
Birla opened by tying Evernorth’s IPO plans to timing. He said the regulatory environment now supports institutional participation and that “institutions are ready to adopt.” He positioned Evernorth as a vehicle that allows institutions and public investors to gain exposure to XRP without managing custody, compliance, or security on their own.
Birla described XRP as “the digital asset underpinning Evernorth’s digital asset treasury” and emphasized ease of access. Investors can buy public stock rather than manage wallets or infrastructure.
Birla stressed simplicity. “A large lion’s share just wants to buy a public stock,” he said. In his words, Evernorth handles the operational complexity behind the scenes while shareholders gain XRP exposure through equity ownership.
Positioning XRP Beyond Passive Holding
During the interview, Birla returned several times to the idea of activity rather than passive holding. He said Evernorth does not intend to sit on XRP. Instead, the company plans to generate yield on its XRP holdings and use that yield to acquire more XRP for its treasury.
He described the company as a steward of the XRP ecosystem and said participation matters more than holding alone. Birla also claimed scale as a differentiator. He said Evernorth is “by far the largest XRP digital asset treasury out there” and argued that size and engagement will define leading digital asset treasuries.
XRP Adoption is Rising
Squire presented the interview as proof of increasing adoption. The CEO’s comments align with that framing. Birla spoke directly about regulated access, public equities, and institutional capital. He pointed to XRP ETFs as evidence of demand and positioned Evernorth as a complementary path for investors seeking more than price exposure.
With its IPO, an active treasury, and yield generation all tied to XRP, Evernorth presents a structure familiar to traditional markets. In this case, adoption looks like integration into existing financial rails rather than experimentation on the margins.