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City of Lugano in Switzerland Reveals Restored Statue of Bitcoin Founder Satoshi Nakamoto

Elendu Benedict
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City of Lugano in Switzerland Reveals Restored Statue of Bitcoin Founder Satoshi Nakamoto

The pro-crypto City of Lugano in Switzerland has reinstated the statue honoring the legacy of the pseudonymous Bitcoin founder, Satoshi Nakamoto.

Still unknown, yet his legacy continues to grow. The City of Lugano today relived this legacy by unveiling a statue of the Bitcoin creator at Parco Cian.

The star-studded event featured the likes of Tether CEO Paolo Ardoino, FundStrat co-founder Tom Lee, and the statue’s Italian creator, Valentina Picozzi. Notably, the statue has returned to the lakeside after months of absence.

Satoshi Nakamoto Sits Again in Lugano

Notably, Tether and Lugano’s authorities arranged to unveil the Satoshi Nakamoto edifice today, in alliance with the ongoing Plan ₿ Forum in the city. 

For the uninitiated, the fourth annual gathering is ongoing in Lugano. The organizers of the forum are stablecoin issuer Tether and the City of Lugano, aiming to accelerate Bitcoin and blockchain adoption in the city.

Ardoino teased the unveiling earlier today with a tweet tagging Satoshigallery, the art outfit behind the statue. Meanwhile, the event went as planned, with the restored statue again sitting at the lakeside.

Statue Reinstated After Vandalization

Notably, the City of Lugano first unveiled the Bitcoin creator’s status a year ago at the same spot. This specifically happened on October 25, 2024, to honor Satoshi Nakamoto’s contributions in creating the world’s first cryptocurrency.

However, the edifice went missing in August, as reports claimed a group of young teenagers excavated it from its podium and threw it into the nearby lake. While it was missing, Satoshigallery offered 0.1 BTC to whoever helped in finding the statue.

Shortly after, Swiss authorities found the statue in the lake, and it has since been under refitting. The city planned the second unveiling today to align with the Plan ₿ event.

Satoshi Nakamoto Status Now In Two More Cities

Satoshi Gallery has installed two copies of the statue in El Salvador and Japan, in alignment with its plan to honor the Bitcoin creator in 21 different locations around the world. The choice of number symbolizes the 21 million Bitcoin supply cap.

The creators have also made new miniature versions of the statue, which they will display in their showroom. One of the status measures 22 cm and is made of stainless steel, and the other is 19 cm and is made of plastic.

Bitcoin Spikes to $112,000 but Pulls Back After U.S. Inflation Data Comes in Softer

Sam Wisdom Raphael
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Bitcoin Spikes to $112,000 but Pulls Back After U.S. Inflation Data Comes in Softer

Bitcoin saw a brief spike on Friday after new U.S. inflation data came in lower than expected, but the rally faded just as quickly as it began. 

The surge followed the release of the September 2025 Consumer Price Index (CPI) report, which showed price growth easing slightly and strengthened expectations that the Federal Reserve will cut interest rates soon.

Specifically, the Bureau of Labor Statistics reported that annual inflation rose to 3.0% in September, just under economists’ forecasts of 3.1% and a bit higher than August’s 2.9%. 

US Inflation Data Comes in Cooler than Expected 

On a monthly basis, inflation increased by 0.3%, matching expectations and slowing from August’s 0.4%. The report arrived during the ongoing federal government shutdown that started on Oct. 1, making it one of the few official data updates released this month.

Notably, the figures showed pressures but pointed to a cooling trend overall. The 0.3% monthly increase in headline CPI came mostly from a 4.1% jump in gasoline prices, which lifted the broader energy index by 1.8%. Food inflation eased, climbing only 0.2% after the sharp 0.6% increase in August.

Meanwhile, core CPI, which leaves out food and energy, rose by just 0.2% in September and 3.0% year over year. This slowdown shows weaker price growth in services outside housing, which rose 0.2%, and a 0.4% drop in used car prices. 

Economists said the results strengthen the case for the Fed to start cutting rates. Specifically, ING’s chief international economist said the softer data shows how consumers and businesses are adjusting to tariffs by shifting imports, keeping inflation in check. 

EY-Parthenon’s chief economist noted that while tariffs have pushed up prices in some areas, the latest numbers show those effects remain limited. This gives the Fed more flexibility to ease policy.

The Stock and Bitcoin Markets React

As expected, the markets reacted immediately. For one, stock futures climbed, with the S&P 500 up about 0.7% before the opening bell, while the U.S. dollar slipped as traders raised bets on a more dovish Fed. 

Data from CME FedWatch showed the odds of a 25-basis-point rate cut next week nearing 99%. Also, analysts at JPMorgan said a larger 50-point cut could follow if the next data release shows more weakness. Even so, inflation holding near 3% continues to challenge the Fed’s goal of bringing it down to 2%.

Notably, Bitcoin’s reaction was quick. Within five minutes of the CPI announcement, the coin shot up from $111,013 to $112,066, marking its highest level in more than a week. This spike added over $20 billion in market value. 

Bitcoin spikes and pulls back after US inflation data
Bitcoin spikes and pulls back after US inflation data

However, the rally quickly reversed, as heavy resistance around $112,000 triggered a 1.4% drop to $110,488. Bitcoin has since struggled to reclaim the $111,000 zone it traded near before the report.

Nonetheless, despite the ongoing fluctuations, the softer inflation data supports Bitcoin’s near-term bullish outlook. Lower inflation and rising expectations of Fed rate cuts keep risk appetite alive, which tends to favor crypto markets.

Crypto Coach Explains Why He Holds XRP Through the Storm

Abdulkarim Abdulwahab
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Crypto Coach Explains Why He Holds XRP Through the Storm

Pro-XRP market commentator Coach JV has warned that the financial system may be engineering “black swan” events to wipe out smaller exchanges and consolidate control under major institutions.

He compared the setup to the 1929 market crash, when the system wiped out thousands of local banks and centralized financial power under the Federal Reserve.

Specifically, Coach JV drew parallels between the Great Depression and the October 10 crypto crash. He describes it as part of a recurring pattern in which fear and collapse are used to tighten institutional control.

“They Build the Hype, Then Pull the Rug”

According to Coach JV, the coming phase of financial control will likely involve traditional banks offering “institutional-grade” crypto custody under the banners of “safe” and “regulated.”

He believes these offerings will appear after retail investors and smaller players have been flushed out of the market.

“First, they build up the hype. Then they pull the rug, crush the independents, and introduce ‘regulated’ solutions,” Coach JV remarked.

The “XRP Black Swan” Event

His warning comes just days after the market’s most violent sell-off in recent history. On October 10, global financial markets plunged after U.S. President Donald Trump announced plans to impose a 100% tariff on Chinese imports.

Within hours, the total crypto market cap fell below $4 trillion. Over $19 billion in leveraged positions evaporated, the largest wipeout in crypto history.

XRP, which had been trading steadily near $2.80, crashed to $1.25 in just a few hours before rebounding to $2.35 by the end of the day. According to data from CoinGlass, XRP saw $707 million in total liquidations, the largest in the asset’s history.

XRP community figure Chad Steingraber described the event as an “XRP Black Swan,” noting that it marked a pivotal moment in the asset’s market history.

“I Stay Calm. I Don’t Chase Hype or Fear.”

While the market panicked, Coach JV said he stayed calm, arguing that emotional reactions are precisely what the system relies on to keep investors vulnerable. “I don’t chase hype or fear. I buy the red, sell the greed,” he wrote.

The comments reflect his recurring message that conviction, not emotion, is the real edge in building wealth. Coach has publicly disclosed that XRP, Bitcoin, and Solana remain his core holdings through all volatility cycles.

Inflation: The Real Silent Crisis

Beyond market crashes, Coach JV warned that inflation remains the true destroyer of wealth. While many focus on short-term price swings, he noted that the U.S. dollar has silently lost 11% of its purchasing power this year alone. This loss goes unnoticed because account balances remain the same while real value erodes.

For XRP holders, Coach JV’s comments reinforce the conviction that XRP represents more than just a speculative asset. It’s a tool for financial sovereignty in a system trending toward centralization, according to proponents.

Ultimately, as history repeats itself, Coach JV’s message to the XRP community is that fear is the system’s weapon, but conviction is your defense.

Bitcoin Options OI Hits Record $63 Billion as Traders Bet on Higher Prices

Zabi
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Bitcoin Options OI Hits Record $63 Billion as Traders Bet on Higher Prices

The Bitcoin derivatives market is showing renewed strength, with total options open interest (OI) climbing to an all-time high of $63 billion, according to CoinGlass data.

The surge reflects growing investor confidence and increased speculative activity, as traders position for a potential major price move in the world’s largest cryptocurrency.

Deribit Dominates with $50 Billion in Bitcoin Open Interest

Leading crypto options exchange Deribit, which controls nearly 80% of the global Bitcoin options market, reported a record OI of $50 billion this week. The milestone underscores unprecedented participation from both institutional and retail investors.

Open interest represents the total value of all active options contracts that have not yet been settled. When it rises, it signals strong trader engagement and conviction in the asset’s future direction.

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Traders Focus on Higher Strike Prices

Deribit data show that most open positions are centered around higher strike prices, particularly between $120,000 and $140,000. This concentration suggests traders are preparing for a potential breakout in Bitcoin’s price.

At the $100,000 strike, open interest stands at about $2.17 billion, while higher strikes account for even larger volumes. According to Deribit, this trend reflects strong bullish sentiment and expectations for continued price appreciation. 

Deribit CEO Luuk Strijers said notable call activity has been building above $120K. This development indicates positioning for “upside volatility or gamma exposure.”

Sentiment Balanced Despite Bullish Tone

While optimism dominates, some traders are still hedging against short-term downside risks. The put-to-call ratio, which measures the balance between bearish and bullish options bets, stands at 1.03, indicating a nearly even split between put and call options.

According to Deribit, this balance shows that traders are cautious but not anticipating a major sell-off. The mix of bullish call buying and moderate put hedging suggests a mature market adjusting to volatility rather than engaging in pure speculation.

$5.1 Billion in Bitcoin Options Set to Expire

Deribit data show approximately $5.1 billion worth of Bitcoin options will expire on Friday. The expiry could cause short-term volatility as traders unwind or roll over positions.

The maximum pain point —the level at which the greatest number of options would expire worthless —is $114,000. Therefore, this level may exert a magnetic influence on the price in the near term as expiration approaches.

Here’s How High Cardano Must Rise to Break Into the Top 3 Crypto Market Cap Ranking

Elendu Benedict
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Here’s How High Cardano Must Rise to Break Into the Top 3 Crypto Market Cap Ranking

Cardano must rally to an unprecedented price target if it is to climb seven places into the top three cryptocurrencies by market cap ranking.

Currently, Cardano trades at $0.65 with a valuation of $23.4 billion, with a circulating supply of 35.85 billion. This places ADA in tenth place in the cryptocurrency ranking by market capitalization.

In August, Cardano flipped Dogecoin and Tron to enter the 8th place by pecking order, following its short-lived pump past $1 while others struggled. The move sparked optimism among enthusiasts that the token could climb even higher.

Moreover, founder Charles Hoskinson believes the network is superior to Ethereum, which he claims is doomed to fail. The comment further supports the growing sentiment that Cardano belongs higher than its current ranking suggests.

Cardano and the Top 3 Ranking

Notably, Cardano was once a top-3 asset, reaching this level during the 2021 bull cycle. Data from CoinMarketCap shows it ranked third in late August and September 2021, when it rallied to its all-time high of $3.10.

Cardano in the Top 3 | CoinMarketCap
Cardano in the Top 3 | CoinMarketCap

Its market cap nearly touched $100 billion, trumping its closest rival, BNB, by over $10 billion. At the time, ADA occupied the top 3 market cap ranking with Bitcoin and Ethereum. However, its price started to fall, and by early October 2021, it had lost its position to BNB.

Meanwhile, enthusiasts believe Cardano could still return to those glory days. To provide perspective, we calculated how high the asset would need to rise to reclaim the third spot.

How High Must Cardano Rise to Enter the Top 3?

In third place is Tether’s stablecoin USDT, with a market cap of $182.5 billion. XRP held the position for a while before USDT, and then BNB flipped the token earlier in the month. 

This means that ADA would have to reach a market cap of at least $183 billion to sustainably rank above Tether. Notably, it is if the current market conditions remain unchanged and assets like BNB and XRP don’t grow alongside.

Assuming it maintains its current circulating supply of 35.85 billion ADA, a market cap of $183 billion would culminate in a price of $5.10. The over 684% growth from its current market price would take ADA above its 2021 peak, marking a new all-time high.

Meanwhile, the Cardano at $5 prediction is common among market analysts, who expect the price target this cycle. An earlier report from The Crypto Basic highlighted an analysis predicting that Cardano will rally to $5 if it holds $0.51.

Another market watcher, Chris O, highlighted that Cardano would rally to between $5 and $8, urging enthusiasts to ignore the FUD.

First Ledger Says XRP Is ‘Building the White House’

Abdulkarim Abdulwahab
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First Ledger Says XRP Is ‘Building the White House’

The XRP community is abuzz amid disclosures about Ripple’s participation in funding President Donald Trump’s new $300 million White House ballroom.

Commenting on the announcement, First Ledger, a decentralized exchange platform built on the XRP Ledger, tweeted: “XRP is building the White House.”

Ripple Among Trump’s Ballroom Donors

Reports from CNN and NBC News on Thursday confirmed that Ripple, alongside Coinbase, Gemini, and several global corporations, helped fund Trump’s new $300 million White House ballroom.

According to the White House, the 90,000-square-foot ballroom will host state events and official gatherings. It will also be the most significant addition to the presidential residence since 1942.

The project is entirely privately funded by Trump and dozens of top U.S. companies. These include Amazon, Apple, Microsoft, Meta, Google, and Tether America.

Ripple Deepens Political Ties After Record Inauguration Donations

Ripple’s latest involvement comes just months after it made one of the largest corporate contributions to Trump’s inauguration fund.

According to FEC filings, Ripple donated nearly $5 million in XRP to the Trump inaugural committee. The sum was the second-largest donation overall and the largest from the crypto industry.

Interestingly, Ripple executives Brad Garlinghouse and Stuart Alderoty later attended a private dinner with Trump.

The donation, described by Cardano founder Charles Hoskinson as a “$5 million dinner,” was part of the broader $239 million raised for Trump’s second-term celebrations. It more than doubled the previous record set in 2017, coming as crypto firms engage deeply with U.S. policymakers.

XRP Growing Influence in Washington

With the massive financial support from crypto companies, Trump’s new administration has rapidly adopted a pro-crypto stance, fulfilling campaign promises to make the U.S. the “crypto capital of the world.”

Trump’s appointment of Paul Atkins as SEC Chair was one of the first steps. The move already shifted the regulatory tone, leading to the dismissal of cases against Ripple, Coinbase, Gemini, and Robinhood.

Now, many view Ripple’s inclusion among donors to the White House ballroom as strategic, cementing XRP’s position not only as a payment asset but also as an emerging force in Washington’s political and financial circles.

Community Reactions

First Ledger’s comment about XRP “building the White House” has sparked excitement across the XRP community.

Many holders see it as proof of how far XRP has come. “Ripple is found literally everywhere,” one XRP proponent remarked.

However, not everyone shares the enthusiasm. Some crypto enthusiasts have voiced disapproval of Ripple’s latest move.

X user Fero criticized the decision, claiming that the funds circulating in the crypto market ultimately come from everyday investors, while project administrators profit at their expense.

“Look where these guys are spending our money. We must raise our voices against this system,” he lamented.

Experts Warn You Might Struggle to Sell XRP During the Next Big Rally: Here’s Why

Sam Wisdom Raphael
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Experts Warn You Might Struggle to Sell XRP During the Next Big Rally: Here’s Why

As investors await a major XRP upsurge, several analysts now warn that selling during the next big rally might not be as easy as many think. 

Specifically, these market pundits believe that once XRP prices start to soar, liquidity on many exchanges could dry up, making it difficult for holders to sell their tokens at the prices they expect. 

Claver Calls for Proper Preparation

Jake Claver, the CEO of Digital Ascension Group, first presented this warning in a statement earlier this month. He explained that when XRP sees strong price movement, most exchanges won’t have enough liquidity to handle large sell orders at market value. 

He believes this shortage will lead to a supply shock that allows big institutional investors to dominate OTC (over-the-counter) trades, leaving regular traders stuck with fewer options. 

Jake Claver on X
Jake Claver on X

 

Claver also said that too many investors expect overnight wealth without preparing for the realities of such an event. He urged XRP holders to take control of their assets, build a tax plan, and create a good wealth strategy before any major price surge. According to him, without these preparations, many could miss out on what might have been generational wealth.

Why Selling at High Prices During Market Rallies Might Be Difficult

Interestingly, fellow community pundit Diana recently highlighted Claver’s warning, saying that most XRP investors underestimate how liquidity works during market rallies. 

She explained that many people plan to “sell at $10” once XRP moons, but the market rarely works that neatly. Notably, if too many traders try to sell at once, the market may not have enough buyers to fill all those orders at that same price. She said this could create thin liquidity, with prices moving fast because the market can’t absorb all the trades.

Diana noted that this causes price slippage. She then presented an instance where, if you try to sell at $10, your order might actually fill at $8.50, costing you thousands of dollars in just seconds, depending on how large the order was.

The market pundit compared the situation to being at a crowded concert when the fire alarm goes off. Notably, in such a scenario, everyone rushes to the same small exit at once, but not everyone can get out quickly. According to her, that is exactly what happens when everyone tries to sell at the same time during a parabolic rally.

She also pointed out that XRP’s situation is even trickier because of how institutions trade. Specifically, while retail traders use exchanges like Coinbase and Kraken, large institutions, such as banks, hedge funds, and corporations, trade privately through OTC deals. These private transactions pull liquidity away from public markets, especially during periods of heavy demand.

Ripple’s GTreasury Deal Could Lead to Tighter XRP Liquidity

Diana highlighted Ripple’s $1 billion acquisition of GTreasury as one factor that could tighten liquidity further. For context, the deal moves even more XRP into corporate payment systems, leaving less available for trading on public exchanges. 

She noted that while this move boosts XRP’s real-world use and strengthens its position in global finance, it could make cashing out harder for retail investors when prices skyrocket.

The pundit then urged XRP holders to prepare early instead of waiting for the market to heat up. She advised moving tokens off exchanges into private wallets, setting sell targets ahead of time, and using limit orders to protect against slippage.

Here’s the Closest Major Buy Zone for Cardano

Elendu Benedict
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Here’s the Closest Major Buy Zone for Cardano

A top technical analyst has identified a significant buy zone where Cardano could rebound from if its price trends lower.

Market technician Ali Martinez highlighted the zone where Cardano could find support if it faces further downward pressure, noting it would serve as a major entry point. The analysis comes despite a slight price rebound for ADA, which has seen it recover by nearly 2% in the past 24 hours.

Cardano Buy Zone if Prices Fall

The crypto market has seen mixed reactions lately, as the sector’s leader, Bitcoin, fluctuates. Cardano has been caught up in this price uncertainty, consolidating around $0.65.

The unclear price action means Cardano could go either direction. If it does go lower, the market analyst has identified the level where market enthusiasts could be looking to buy into the cryptocurrency or open bullish positions.

In his X post on Thursday, he mentioned that $0.54 could be the buy zone for Cardano. Notably, it aligns with the lower support level in a parallel price channel on the ADA 12-hour chart.

Cardano Buy Zone|Ali Martinez
Cardano Buy Zone | Ali Martinez

Cardano fell below the channel’s midpoint support at $0.79 following the flash crash on Oct. 10 and has since failed to reclaim that level. A lower high at $0.73 in mid-October was met with severe price rejection, sending ADA lower to its current price.

Further price weakness could see ADA dump further to the $0.54 support before any notable rebound. The possible drop to the buy zone represents a 17% dip from here.

Interestingly, a recent analysis expects Cardano’s price to fall even further. Specifically, Behdark predicted the coin could dump to $0.127, citing the completion of Wave C of an ABC price correction.

Cardano Rebound to $1.90 Still Possible

Nonetheless, Cardano could still target higher prices. Martinez shared in a parallel analysis that holding the $0.62 price mark would set the tone for the impulsive move.

Notably, the price level is around the lower trendline in a developing symmetrical triangle. ADA trends around the crucial support of this multi-month structure and holding above it could provide the required momentum to break upwards.

Cardano Symmetrical Triangle Trend | Ali Martinez
Cardano Symmetrical Triangle Trend | Ali Martinez

He predicted an upsurge to $1.90 if the level holds, which would culminate in a 195% price uptick. Notably, this entails a breakout of the symmetrical triangle to the 1.272 Fibonacci extension on the accompanying chart.

Binance Dominates Q3 2025 with 35% Global Market Share Amid Crypto Market Revival

Zabi
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Binance Dominates Q3 2025 with 35% Global Market Share Amid Crypto Market Revival

Binance cemented its dominance as the world’s largest cryptocurrency exchange in Q3 2025, according to TokenInsight, a digital asset data and research firm.

The exchange maintained a commanding 35.09% share of global trading volume, despite intensifying competition.

The broader market also showed strong recovery momentum, with rising Bitcoin prices, record ETF inflows, and renewed institutional interest driving growth across key trading sectors.

Global Market Recovery Gains Momentum

The digital asset market rebounded steadily in Q3 2025 amid improving macroeconomic conditions and regulatory clarity. TokenInsight reported that total cryptocurrency market capitalization climbed from $3.46 trillion in June to nearly $4 trillion by late September.

Bitcoin led the uptrend with $7.8 billion in ETF inflows and a market dominance that rose to around 64%. Prices fluctuated between $108,000 and $124,000 during the quarter. It reflected optimism about the U.S. Federal Reserve rate cuts boosting liquidity across financial markets.

Binance Holds Firm as Competitors Shift Positions

Binance continued to outperform all competitors, maintaining a stable market share of over one-third of total trading activity.

Among other major exchanges, Bitget rose to third place, overtaking Bybit with a modest 0.31% market share gain. Gate and BingX recorded notable increases of 1.74% and 1.11%, respectively, reflecting expanding user bases and wider adoption among traders.

KuCoin maintained slow but steady growth at 0.16%, while OKX saw its share fall 1.55%, marking the largest decline of the quarter.

Spot Trading Accelerates as Bitcoin Drives Demand

The spot market showed significant strength in Q3 2025, mirroring the overall market rebound. TokenInsight data showed a 30.56% increase in spot trading, totaling $4.7 trillion in Q3.

Average daily volume rose to $51.6 billion, primarily driven by Bitcoin’s price rally and stronger investor participation. However, liquidity for smaller altcoins remained limited, suggesting that traders continued to concentrate on major assets amid uncertain global economic conditions.

Derivatives Market Sees Renewed Momentum

Derivatives activity surged alongside spot trading, underscoring growing market confidence. TokenInsight estimated total derivatives volume at $26.0 trillion, up 28.71% from Q2 2025. Average daily turnover climbed to $283 billion, signaling a clear revival in leveraged trading. 

Binance retained its leadership in derivatives, with a 24.61% share of open interest, up 0.78% quarter-over-quarter. Bybit and Bitget followed with respective gains of 0.54% and 0.45%.

The EVIX index edged higher in September, indicating rising short-term volatility, while cautious sentiment persisted ahead of major economic data and geopolitical events.

RWA Tokenization and On-Chain Derivatives Gain Traction

The third quarter also highlighted two emerging narratives: Real World Asset (RWA) tokenization and perpetual decentralized exchanges (DEXs). 

RWA projects drew attention from traditional Web2 institutions exploring blockchain-based solutions. Meanwhile, perpetual DEXs gained momentum, fueling higher participation in on-chain derivatives trading.

TokenInsight identified these as structural trends that could reshape the market’s future dynamics.

Exchange Tokens Rally with Market Recovery

After a quiet second quarter, exchange tokens rebounded strongly in Q3 2025. Most major tokens outperformed Bitcoin, led by OKB, which surged 281.22%, and CRO, which gained 132.42%. 

BNB and KCS delivered steady performance backed by robust ecosystems and fundamentals, while LEO was the only top token to lag behind the market.

The rebound in exchange tokens reflected growing investor confidence in centralized trading platforms.

Outlook: Cautious Optimism Heading into Q4

TokenInsight projected a cautiously optimistic outlook for the fourth quarter of 2025. Expected Federal Reserve rate cuts and possible policy easing could further support market sentiment. 

However, persistent inflation pressures and geopolitical risks may continue to fuel volatility. ETF inflows and institutional demand are likely to sustain support for Bitcoin and other leading assets. 

The report concluded that centralized exchanges could maintain strong trading volumes through the end of the year, as enhanced compliance and transparency foster greater market consolidation.

XRP Treasury Firm Evernorth Now Has a Balance Sheet of 261M XRP: Here are the Contributors 

Sam Wisdom Raphael
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0
XRP Treasury Firm Evernorth Now Has a Balance Sheet of 261M XRP: Here are the Contributors 

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.

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. 

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.

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