Ripple-Backed Evernorth Now Holds $1 Billion In XRP
Evernorth Holdings, a new Ripple-backed digital asset company, has reportedly amassed $1 billion worth of XRP tokens as part of its strategy to establish an XRP treasury.
As of Monday, Evernorth’s XRP (XRP) holdings totaled 388.7 million tokens, according to data from 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 mark — a significant milestone in XRP accumulation that came 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%, with its market capitalization adding around $13 billion, according to CoinGecko data.
Public launch plans
With $1 billion in XRP now in its treasury, Evernorth is moving closer to launching a publicly traded XRP treasury vehicle on the Nasdaq exchange under the ticker symbol XRPN, as CEO Asheesh Birla said last week.
A 12-year Ripple veteran, Birla stepped down from the company’s board of directors in October to take on the roles of CEO and chair of the board at Evernorth.
As part of its merger with Armada Acquisition Corp II, Evernorth expected to raise at least $1 billion in total funding, featuring private investments from Ripple, the Japanese SBI Group, the nonprofit foundation Rippleworks and others.
“We’re backed 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 said on Friday, adding:
“So why now? For the first time, XRP has clear regulatory standing in the United States, opening the door for large scale adoption. Evernorth is positioned to be that trusted, transparent bridge to the public markets.”
The news came amid growing anticipation over spot XRP exchange-traded funds (ETFs) in the US. However, as spot HBAR (HBAR) and Litecoin (LTC) ETFs were expected to start trading on Nasdaq today, the community has been speculating that XRP ETFs may face another delay in decision-making by the Securities and Exchange Commission amid the US government shutdown.
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