Evernorth, a new XRP-focused company, has reached a major milestone as its XRP treasury recently surpassed $1 billion. This quick growth has made Evernorth stronger in the Ripple network. It has also helped push XRP’s price up by 4% today.
Evernorth’s Treasury Crosses the $1B Mark
Evernorth’s XRP holdings have climbed sharply, according to XRPScan, which shows the company now holds 388.7 million XRP, valued at just over $1 billion. This growth follows a recent transfer of 126.8 million XRP from Ripple, one of several contributions aimed at strengthening Evernorth’s treasury.
Just last week, it was reported that Ripple had moved around $500 million worth of XRP, which later formed part of the tokens sent to Evernorth’s wallet. The company eventually received 530 million tokens from Ripple on October 23, a few days after it unveiled plans to build the largest public XRP treasury.
The market has responded positively to Evernorth’s rapid growth. The altcoin price climbed over 4%, rising from an intraday low of $2.40 to a high of $2.58, according to CoinMarketCap data. Investors seem confident that Evernorth’s big role could make the XRP market more stable and easier to trade.
Evernorth Sees Support from Ripple Executives and Industry Investors
Evernorth’s growing reserves have attracted strong support from Ripple’s leadership and top industry investors. Ripple’s Chairman, Chris Larsen, personally transferred 50 million XRP to Evernorth on the day the company launched.
Additionally, the company received 199,998 XRP from Uphold, a digital asset trading platform. This move shows growing interest in XRP among institutional investors.
Aside from its goal to raise over $1 billion, the company is eyeing $200 million funding from SBI Holdings and additional contributions from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR.
The company said that most of the money will be used to buy XRP at the current market price. However, it is still not clear if all the funds have been raised or if more XRP purchases will follow.
Evernorth Expands XRP Strategy Ahead of Nasdaq Listing
Evernorth’s strategy goes beyond holding XRP. The company plans to use its tokens for lending to big investors, providing liquidity, and earning rewards through decentralized financial (DeFi) services.
These steps aim to make XRP more useful and in higher demand. Evernorth also plans to run XRP validators to help keep the blockchain secure and support Ripple’s network growth.
In a recent statement, Chief Executive Asheesh Birla said Evernorth plans to continue expanding its treasury using profits earned from deploying its XRP in DeFi. According to him, the company aims to make XRP a stronger asset by reinvesting gains into new token purchases.
This comes as the company is preparing to go public through a merger with Armada Acquisition Corp II. Once completed, the company will be listed on the Nasdaq under the ticker XRPN.