Evernorth, a digital asset treasury firm supported by Ripple, has surged its XRP holdings beyond $1 billion, establishing itself as a key player in the ever-evolving cryptocurrency landscape. The company’s expansion comes on the heels of a newly announced merger with a special-purpose acquisition company (SPAC), which aims to raise significant capital for further investment in XRP.
Recent on-chain data reveals that Evernorth’s treasury now includes over 388 million XRP, with substantial contributions from Ripple and key industry investors. Among the notable transactions was a colossal transfer of 338 million XRP directly from Ripple, demonstrating the firm’s robust backing and strategic alignment with the market.
As former Ripple executive Asheesh Birla takes the helm, Evernorth is poised to dominate XRP holdings, seeking to capitalize on the growing interest as regulations around cryptocurrencies evolve. By positioning itself as the largest publicly traded XRP treasury, the firm is not only reacting to institutional demand but also shaping the future of XRP investments in the market.
Chris Larsen, co-founder of Ripple, remains a pivotal figure in Evernorth’s strategy, recently transferring an additional 50 million XRP from his holdings to boost Evernorth’s treasury. This strategic move underscores not only his confidence in Evernorth’s vision but also reflects his commitment to enhancing XRP’s standing in the cryptocurrency ecosystem. With Larsen’s personal profits from XRP investments soaring past $750 million, his investment decisions resonate strongly within the market.
The anticipated merger with Armada Acquisition Corp II is set to be finalized by Q1 2026, with expectations to raise upwards of $1 billion from notable investors including Ripple, Pantera Capital, and Kraken. Upon completion, Evernorth aims to trade under the ticker symbol “XRPN” on Nasdaq, a move anticipated to reinforce its market position and attract further institutional interest.
Investor sentiment around XRP has been lifting, notably with the asset experiencing a price rebound of over 10% within the past week, currently hovering around $2.66 per token. The latest trading data showcases a 2% increase in price over the last 24 hours, accompanied by a 17% surge in trading volume. This positive momentum coincides with Evernorth’s increasing acquisition of XRP, signaling heightened institutional involvement.
Furthermore, this bullish sentiment is reflected in the futures market, where open interest for XRP futures has surged across multiple exchanges. Such a trend suggests an influx of traders eager to capitalize on Evernorth’s strategic moves, marking a significant time for both the firm and the asset.
As Evernorth advances in its expansion and prepares for its Nasdaq debut, it stands as a testament to the growing institutional interest in cryptocurrencies, particularly XRP, positioning itself for a robust future in the digital asset market.
