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    Evernorth, Supported by Ripple, Now Has $1 Billion in XRP Holdings

    Ethan CarterBy No Comments2 Mins Read
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    Evernorth Holdings, a newly established digital asset company backed by Ripple, has reportedly acquired $1 billion worth of XRP tokens as part of its strategy to create an XRP treasury.

    As of Monday, Evernorth’s XRP (XRP) holdings reached 388.7 million tokens, based on data from the digital asset analytics platform CryptoQuant.

    With XRP trading above $2.60 at the time of publication, the company’s XRP holdings have surpassed the $1 billion threshold — marking a significant achievement in XRP accumulation that occurred just days after Evernorth’s official debut on Oct. 20 as an institutional vehicle for XRP adoption.

    Following Evernorth’s launch announcement last week, XRP surged by 8.6%, contributing approximately $13 billion to its market capitalization, according to CoinGecko data.

    Public launch plans

    With $1 billion in XRP now in its treasury, Evernorth is progressing towards launching a publicly traded XRP treasury vehicle on the Nasdaq exchange using the ticker symbol XRPN, as stated by CEO Asheesh Birla last week.

    A veteran of Ripple for 12 years, Birla resigned from the company’s board of directors in October to assume the roles of CEO and chair of the board at Evernorth.

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    Source: CryptoQuant

    As part of its merger with Armada Acquisition Corp II, Evernorth anticipates raising at least $1 billion in total funding, including private investments from Ripple, the Japanese SBI Group, the nonprofit foundation Rippleworks, and others.

    “We’re supported by a world-class group of investors and leaders, including SBI, Ripple, Arrington Capital, Pantera Capital, and Kraken, firms that share our conviction in XRP’s future,” the Evernorth CEO stated on Friday, adding:

    “So why now? For the first time, XRP has clear regulatory standing in the United States, paving the way for large-scale adoption. Evernorth is positioned to be that trusted, transparent bridge to the public markets.”

    The announcement came amid rising anticipation for spot XRP exchange-traded funds (ETFs) in the US. However, as spot HBAR (HBAR) and Litecoin (LTC) ETFs were expected to begin trading on Nasdaq today, the community speculates that XRP ETFs may encounter another delay in decision-making by the Securities and Exchange Commission due to the US government shutdown.

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