Key Points
- Ripple-supported Evernorth Holdings Inc. has joined other firms in accumulating XRP.
- Evernorth reportedly holds about 261 million XRP, valued at approximately $639.45 million.
Evernorth Holdings Inc., a treasury firm backed by Ripple, has joined companies like VivoPower International, Trident Digital Tech Holdings, and Webus in accumulating XRP.
The company is said to hold an estimated 261 million XRP, which is worth around $639.45 million, given the current price of the cryptocurrency.
Evernorth’s Plans and Commitments
On October 20, Evernorth hinted at its intention to go public on the Nasdaq stock exchange via a merger with a Special-purpose Acquisition Company (SPAC) named Armada Acquisition Corp II.
Through this deal, the firm expects to raise over $1 billion in gross proceeds from SBI Holdings, Pantera Capital, Ripple Labs, GSR, and Kraken.
An XRP Ledger dUNL Validator known as Vet confirmed that Evernorth now possesses 261 million XRP, suggesting that some partners have fulfilled their commitment.
Chris Larsen, Ripple’s co-founder and Executive Chairman, had pledged to invest 50 million XRP tokens worth $124.5 million into this Evernorth deal. The net proceeds are earmarked for open-market purchases of XRP.
Vet reported that Larsen has met his commitment, while Ripple sent 211 million and 319,000 XRP in two separate transactions. Uphold exchange is another party that has met its contribution to the deal.
The fundraiser is set to conclude in Q1 2026, pending regulatory and shareholder approvals. With the secured capital, Evernorth plans to establish an XRP-based treasury.
This is anticipated to be the world’s largest publicly traded institutional XRP treasury, concentrating on the accumulation and management of the top digital asset.
XRP’s Market Performance
Generally, XRP has gained admiration among investors and traders. It holds the status as the fifth-largest cryptocurrency by market cap around $146.61 billion at the time of this writing.
Its price has risen 2.07% in the last 24 hours and currently stands at $2.45. This is quite notable given the broader cryptocurrency market’s current fragile state.
The news of Evernorth’s investment may have played a role in boosting the price of XRP, but a further increase is expected soon. On-chain data and market sentiment suggest a potential XRP turnaround may be near.
