Developer Says Evernorth Is Better to XRP Than MicroStrategy to Bitcoin. Here’s why

Evernorth, which trades on the Nasdaq under the ticker XRPN, launched on October 12 with approximately 473 million XRP and $300 million in cash on its balance sheet. Led by former Ripple executive Asheesh Birla, it is the largest publicly traded pure-play XRP treasury company in existence.

The MicroStrategy Blueprint

To understand Bird’s argument, you need to understand what MicroStrategy did for Bitcoin. MicroStrategy, now rebranded as Strategy, is a publicly traded business intelligence firm that converted its corporate treasury into Bitcoin. It accumulates BTC as its primary reserve asset and gives traditional investors regulated, stock-market exposure to Bitcoin without requiring them to hold the asset directly.

The strategy brought enormous institutional attention and capital into Bitcoin, and it worked. It became a template that other companies began copying. Bird argues that Evernorth applies that same treasury model to XRP.

Investors who want exposure to XRP can now buy XRPN shares on Nasdaq rather than managing digital wallets or navigating crypto exchanges. That alone mirrors the MicroStrategy playbook.

Why Bird Believes XRP Goes Further

Bird argues that the comparison only gets better from there. Bitcoin’s blockchain does one thing well: it stores value. The XRP Ledger does considerably more. It hosts a native decentralized exchange, liquidity pools, stablecoins, tokenized assets, NFTs, and an active base of projects building real products on the network.

That gives Evernorth options that MicroStrategy never had. Strategy holds Bitcoin and sits on it. Evernorth can put its XRP to work directly on the Ledger through active strategies. Bird notes that Evernorth “can deploy XRP into liquidity pools, support projects, generate onchain activity and help accelerate the growth of the entire ecosystem.”

Community Reaction

He noted that the SEC and CFTC can issue regulations, but those can always be challenged or reversed, and that banking institutions need stable legislation before they will fully engage.

XRP currently trades at $1.36, down 1.29% from yesterday. While some are excited about the Evernorth launch, it hasn’t immediately impacted XRP’s price. Market participants are eager to see if it can boost institutional interest as MicroStrategy did for Bitcoin.