Evernorth has emerged as a formidable force in institutional cryptocurrency acquisition, nearing its significant XRP treasury objective. Within days, the company has accomplished 95% of its accumulation target, representing a noteworthy milestone in XRP’s advancements towards wider institutional adoption. The swift growth of Evernorth’s reserves and its strategic alliances have generated renewed enthusiasm within the XRP community, hinting at a crucial transformation in institutional engagement with cryptocurrency.
Evernorth Approaches $1 Billion In XRP Holdings
A fresh report from CryptoQuant has uncovered that Evernorth’s XRP holdings are on the verge of reaching the $1 billion funding milestone, placing it among the foremost institutional holders of the cryptocurrency. JA Maartunn, a community analyst at CryptoQuant, indicates that Evernorth currently possesses 388,710,606.03 XRP, achieving 95% of its $1 billion target.
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The company’s overall XRP treasury is now estimated at approximately $947,183,571, generating unrealized profits of around $46 million in just four days. This amount reflects an average purchase price of $2.44 per XRP, which Maartunn believes could become a significant price point for the cryptocurrency’s market direction.
Significantly, Evernorth’s XRP treasury comes in the wake of a broader trend of institutional diversification towards digital assets. Earlier this year, various major crypto treasury organizations—most notably Strategy, with its aggressive Bitcoin accumulation strategy, and The Ether Machine, with its focused approach on Ethereum—set the stage for large-scale crypto accumulation.
Evernorth’s growing holdings indicate a definitive shift beyond BTC and ETH, highlighting a maturing institutional demand for alternative layer-1 assets. This suggests that XRP may become the next key area for institutional treasuries aiming to gain exposure to high-liquidity, regulated crypto assets.
Evernorth’s XRP Growth Strategy
Asheesh Birla, the CEO of Evernorth, introduced the treasury company last week, on October 20, via an X post. He described it as an institutional platform aimed at advancing XRP’s global adoption. The announcement outlined the company’s plans to become publicly traded through a SPAC merger with Armada Acquisition Corp II (NASDAQ:AACI), aiming for gross proceeds exceeding $1 billion.
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Evernorth’s growth strategy encompasses acquiring XRP through innovative financial models designed to maximize XRP per share and expanding internationally into critical markets like Japan and South Korea. The company also intends to diversify its yield generation through risk-buffered treasury deployment. These efforts reflect a committed, structured approach to establishing a long-term institutional presence around XRP.
Ripple CEO Brad Garlinghouse has similarly commended Birla’s initiative, highlighting Ripple’s partnership and investment alongside notable firms such as SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks. Garlinghouse mentioned that Evernorth’s involvement in institutional lending, liquidity provision, and DeFi yield prospects will be crucial in boosting XRP’s utility. Ripple’s CTO, David Schwartz, who joins Evernorth as a strategic advisor, echoed this sentiment, expressing eagerness to create scalable opportunities for XRP within DeFi and capital markets.
Featured image from Adobe Stock, chart from Tradingview.com
