Evernorth, a new XRP treasury firm, has so far raised 261 million XRP tokens on its journey to establish the largest XRP treasury in the world.
Recall that, on Oct. 20, Evernorth, a digital asset company founded by former Ripple executive Asheesh Birla and backed by Ripple, revealed plans to merge with Armada Acquisition Corp II, a special purpose acquisition company.
As reported by The Crypto Basic, the merger will wrap up in the first quarter of 2026, with the combined company debuting on Nasdaq under the ticker XRPN. Through this deal, Evernorth plans to secure funding from investors such as Ripple, SBI, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen to establish the world’s largest XRP treasury.
Evernorth Secures $639M in XRP
While the merger is set to conclude next year, on-chain data shows that Evernorth has been receiving millions worth of XRP on the journey to establish its treasury. Notably, XRPL dUNL validator Vet called attention to this trend, pointing out the entities that have contributed to the push so far.
Evernorth has now 261M XRP. Who has sent XRP so far?
> Ripple send two payments, 211M and 319k XRP
> Chris Larsen sent 50M XRP
> Uphold exchange acc sent 199k XRP
> Jana label 🏷️ acc sent 300k XRP
That's all in XRP, no stables. pic.twitter.com/vyqzl7d9vf
— Vet 🏴☠️ (@Vet_X0) October 23, 2025
Specifically, data from XRPScan, an XRPL explorer, confirms that the Evernorth (1) address, activated by BitGo self-custody on Oct. 17, has received exactly 261.919 million XRP worth over $639 million as of press time.
The address received these tokens between Oct. 20 and 24, with multiple entities contributing their quota. Among the contributors are Ripple Chairman Chris Larsen, Ripple Labs, American exchange Uphold, and a wallet labeled as Jana.
Notably, Larsen was the first to transfer to the address, moving 50 million XRP to Evernorth on Oct. 20 at 15:40 UTC. This transaction first triggered selloff fears following a disclosure from CryptoQuant analyst Maartunn, but The Crypto Basic confirmed that the fund flow was actually part of the Evernorth fundraiser campaign.
After Larsen, Uphold transferred approximately 200K XRP to the Evernorth address on Oct. 21 at 09:49 UTC. Following the Uphold transaction, Ripple moved 319,095 XRP to Evernorth on Oct. 23 at 16:11 UTC and then sent an additional 211 million XRP at 16:48 on the same day, totaling 211.3 million tokens. Meanwhile, the Jana address transferred approximately 300K XRP in two transactions on Oct. 23.
Current Holdings Not Part of the $1B Fundraiser
It bears mentioning that the total 261 million XRP received by Evernorth so far have been in XRP tokens, with no contributor sending stablecoins. As a result, critics like the self-acclaimed “Scam Detective” have argued that the fundraising for the XRP treasury will not lead to any buying pressure on XRP, since Evernorth will not be purchasing most of the tokens.
However, XRP community figure WrathofKahneman (WOK) pointed out that the XRP contributions from Ripple and Larsen are not part of the proposed $1 billion in cash that Evernorth plans to leverage for the XRP purchases.
#Ripple & Larsen's 350m #XRP are separate from the $1b cash raised to buy XRP by Evernorth. It's the starter kit.
$200m from SBI,
$200m optional from Ripple,
$600m from PIPE/public investors make up the $1 billion, which will be used to purchase XRP within 10 days after the… pic.twitter.com/0AWk1WFOVD— WrathofKahneman (@WKahneman) October 22, 2025
According to WOK, the $1 billion fundraiser will comprise $200 million from Japanese financial giant SBI Group, an optional $200 million contribution from Ripple, and $600 million from public investors. Interestingly, SBI has already officially confirmed its $200 million contribution.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
