XRP firm to go public: How crypto IPOs will change in 2026

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Hi. Eric here.

A slew of crypto companies are gearing up to go public in 2026, and an XRP-linked firm just joined the fray.

Before you get too excited, I’m not talking about Ripple.

The venture that originally created the cryptocurrency ruled out an initial public offering last week, with President Monica Long telling Bloomberg that Ripple’s strong balance sheet means it doesn’t need to go public just yet.

Instead, it’s the XRP treasury, Evernorth, that’s due to be listed on the Nasdaq in the first quarter of the year through a SPAC merger with another company called Armada Acquisition Corp II.

“The timing couldn’t be more perfect,” Asheesh Birla, CEO of XRP treasury Evernorth Holdings, told Nasdaq MarketSite on Thursday.

Evernorth holds 388 million XRP tokens bought at an average price of $2.44, according to CryptoQuant data.

By going public, Evernorth joins a list of crypto firms planning to do the same in 2026. The list includes crypto exchange Kraken, Strategy underwriter Clear Street, blockchain infrastructure firm Consensys, and hardware wallet developer Ledger.

The IPO push comes on the back of a blockbuster year for crypto companies to list on stock exchanges. Stablecoin issuer Circle and crypto exchange Gemini were just two ventures that went public in 2025.

The surge in publicly listed companies has been fuelled by the US government’s increasingly welcome attitude towards the industry, which saw the Trump administration support crypto-friendly laws, regulators and government appointees.

This has encouraged traditional financial players to grow closer and make overtures to bake blockchain solutions into their businesses.

Indeed, the rising number of crypto IPOs and Wall Street’s adoption of digital ledgers will have a significant impact on the wave of publicly listed companies this year, according to Samantha Lewis, partner at early-stage venture capital firm Mercury Fund.

“The common thread across potential listings is infrastructure that routes capital between traditional balance sheets and onchain markets,” she told DL News in December.

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