Passive Aggressive: Ex-Ripple Exec Explains Why XRP Treasuries Are Basically ETFs But With Benefits (Cmon, Evernorth, Show Us the Utility)

Spot XRP ETFs have logged over a billion dollars in net inflows, proving institutions have an appetite for regulated XRP exposure. But an ex-Ripple insider says there's a smarter play in town—and honestly, buying and hodling just feels a little lazy at this point.

Sagar Shah, Evernorth's BDO and former Ripple hand, thinks XRP Digital Asset Treasuries (DATs) leave spot ETFs in the dust. "ETFs are a passive wrapper," he noted. "They buy XRP and hold it. You don't get that from a treasury." Translation: ETFs are basically a savings account with extra steps, while DATs actually do something with your money. Revolutionary concept, right?

Spot ETFs currently hold around $1.21 billion in net inflows with roughly $950 million in AUM—just 1.15% of XRP's total market cap. Meanwhile, a DAT can deploy assets on-chain, generate yields, and actively drive adoption while maintaining public company transparency. It's the difference between putting your savings under a mattress versus actually doing some DeFi yield farming. One of these lets you pretend you're contributing to the ecosystem.

Evernorth is positioning itself at the front of this trade. The Ripple-backed firm is closing in on a merger to become the largest public XRP treasury, having raised over $1 billion in gross proceeds ahead of its planned tie-up with Armada Acquisition Corp II. The combined entity will list under the ticker "XRPN" on Nasdaq. Yes, that's a real ticker. Someone at the SEC was either very bored or very clever that day.

The company also stacked its board with heavy hitters, nominating Ripple CLO Stuart Alderoty and J Capital's Ted Janus to steer institutional engagement. Because nothing says "we're serious about crypto" like hiring lawyers and analysts to tell you what you're already doing wrong.

On the price front, XRP slipped over 3% to $1.33 in recent hours, with the day's range sitting between $1.33 and $1.39. Trading volume dipped 13%, and futures open interest tumbled 7% to $2.36 billion as traders pocketed gains after the US-Iran ceasefire rally. Turns out geopolitical peace is bearish for crypto. Who could have predicted that?

Because sometimes the best move is actually doing something with your stack.