Ripple’s Evernorth Secures $1 Billion in XRP Holdings: Report
- Evernorth acquires nearly $1B in XRP, marking one of the largest single holdings to date.
- Ripple-backed firm plans Nasdaq debut via SPAC merger under ticker XRPN in early 2026.
- XRP market gains momentum as Evernorth’s accumulation strengthens investor confidence.
Evernorth Holdings, which is Ripple’s new business endeavor, has taken a bold step of buying $1 billion in XRP. The buy-in is one of the largest, single-entity XRP purchases ever made. It represents an institutional resurgence in support of XRP to further cement Ripple’s role within the digital asset space.
Data from CryptoQuant shows Evernorth now holds 388.7 million XRP tokens. The average purchase price stands at $2.44 per token. With XRP trading at $2.68, the holdings are currently valued at $1.03 billion. This gives the company an unrealized profit of about $85.5 million, reflecting a profitable entry into the XRP market.
Evernorth Bridges Finance and XRP Ecosystem
Evernorth went live on October 20 and is essentially a Ripple-backed digital asset management and treasury company. The company is led by Asheesh Birla, a long-time Ripple executive. He aims for Evernorth to be a gateway between legacy finance and the XRP ecosystem.
Evernorth’s Nasdaq listing under the symbol XRPN would create the world’s first publicly traded XRP treasury. The deal with Armada Acquisition Corp II would raise $1.2 billion. Of that, $200 million would come from SBI Holdings, with additional commitments from Ripple and its partners. The listing is anticipated to be completed by the first quarter of 2026.
A strong consortium of global financial players backs Evernorth’s creation. Chris Larsen, Ripple’s co-founder, has seen his XRP-related wealth soar to $764 million, reflecting sustained faith in the cryptocurrency’s long-term value. The company has invested $947 million into XRP purchases so far. Current estimates show unrealized gains of around $45 million.
If the trend continues, Evernorth could soon become one of the most significant XRP treasuries in existence. Observers compare its approach to Strategy’s well-known Bitcoin accumulation strategy. However, Evernorth’s focus remains entirely within the XRP ecosystem.
The market has responded positively to the news. XRP rose from $2.60 to $2.68 on October 28, representing a 10.77% weekly gain. The rally came alongside a rise in open interest in XRP futures, which reached $4.57 billion.
Related: Ripple Expands UBRI With New Advisory Council and USF Deal
XRP ETF Hopes Rise as Evernorth Eyes Nasdaq Milestone
The announcement also coincides with speculation about potential spot XRP ETFs in the United States. The Securities and Exchange Commission has not yet made a decision on the applications. Delays may stem from broader government funding uncertainties.
Market analyst Ether Nasyonal explained in a chart that XRP is still in a multi-year reaccumulation cycle. The asset is still trading between its 2017 high and its 2021 high. When this range ends, it may move into a new phase of growth that might establish its dominance as one of the highest-performing cryptos in 2025.
If Evernorth goes public on Nasdaq, then it would be a milestone moment for Ripple’s ecosystem. The firm’s expanding XRP treasury complements Ripple’s objective of creating institutional-level liquidity solutions. If it pans out, Evernorth’s role could help take XRP from a movement of funds to an identified reserve asset for corporate finance.
The surge in XRP is a testament to the growing influence of big investors in the sector. Futures markets indicate growing open interest, as Evernorth’s activity inspires confidence in the asset’s long-term trajectory. The combination of institutional capital, Ripple’s backing, and upcoming public listing positions Evernorth as a major player in XRP’s future development.
