Ripple-supported startup Evernorth Holdings has accumulated over $1 billion worth of XRP.
This significant investment makes it one of the largest institutional holders of the cryptocurrency to date.
The newly formed digital asset firm aims to position itself as a bridge between institutional investors and the XRP ecosystem. It also plans to debut a publicly listed XRP treasury vehicle on the Nasdaq, trading under the ticker XRPN.
Evernorth Crosses $1 Billion in XRP Holdings
According to data from CryptoQuant, Evernorth’s treasury holds 388.7 million XRP tokens. Each of these tokens is worth more than $2.60 at the time of reporting.
The accumulation comes shortly after the company’s official debut on October 20, with the intent to promote institutional adoption of XRP.
Asheesh Birla, a longtime Ripple executive, now leads Evernorth. He resigned from Ripple’s board earlier this month to assume the roles of CEO and chairman.
Birla said Evernorth aims to serve as a transparent, regulated link between XRP and public market investors, emphasizing that the U.S. now offers clearer regulatory conditions for XRP.
Investor Support and Funding Structure
The company’s financial base is being strengthened through a planned merger with Armada Acquisition Corp II, expected to raise at least $1 billion in funding.
Its investor roster includes Ripple, Arrington Capital, Rippleworks, Kraken, Japan’s SBI Group, and Pantera Capital, all of whom have expressed long-term confidence in XRP’s future.
Following Evernorth’s launch announcement, XRP’s value climbed 8.6%, adding roughly $13 billion to its market capitalization. The rally reflected growing optimism about renewed institutional engagement with the digital asset.
ETF Outlook and Market Context
Evernorth’s debut comes as the crypto community anticipates the arrival of spot XRP exchange-traded funds (ETFs) in the U.S.
However, despite HBAR and Litecoin ETFs recently going live on Nasdaq, analysts suggest that XRP ETFs may face additional delays due to ongoing SEC decision backlogs resulting from the U.S. government shutdown.
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