Evernorth, Supported by Ripple, Now Holds $1 Billion in XRP

Evernorth Holdings, a newly established digital asset company backed by Ripple, has reportedly accumulated a total of $1 billion in XRP tokens as part of its initiative to create an XRP treasury.

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

With XRP trading above $2.60 at the time of writing, the company’s XRP assets have exceeded $1 billion—marking a significant achievement in XRP accumulation shortly after Evernorth’s formal launch on October 20 as an institutional vehicle for XRP adoption.

Following the announcement of Evernorth’s launch last week, XRP rose by 8.6%, resulting in an approximate $13 billion increase in its market capitalization, according to data from CoinGecko.

Public launch plans

With $1 billion worth of XRP now in its treasury, Evernorth is advancing toward a public listing of an XRP treasury vehicle on the Nasdaq exchange under the ticker symbol XRPN, as CEO Asheesh Birla stated 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.

In connection with its merger with Armada Acquisition Corp II, Evernorth aims to secure at least $1 billion in total funding, including private investments from Ripple, the Japanese SBI Group, the Rippleworks nonprofit foundation, and other entities.

“We’re supported by a top-tier group of investors and leaders, including SBI, Ripple, Arrington Capital, Pantera Capital, and Kraken, firms that believe in XRP’s future,” the Evernorth CEO remarked on Friday, adding:

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

This announcement comes as anticipation grows for spot XRP exchange-traded funds (ETFs) in the US. However, with spot HBAR (HBAR) and Litecoin (LTC) ETFs expected to commence trading on Nasdaq today, the community speculates that XRP ETFs may face further delays in decisions by the Securities and Exchange Commission in light of the US government shutdown.

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