Evernorth Holdings, a new digital asset company backed by Ripple, has reportedly accumulated $1 billion worth of XRP tokens as a strategic move to establish an XRP treasury.
As of Monday, Evernorth's XRP holdings amounted to 388.7 million tokens, according to data from digital asset analytics platform CryptoQuant.
With XRP trading above $2.6 at the time of publication, the company's XRP holdings have now surpassed the $1 billion mark. This significant milestone in XRP accumulation was achieved just days after Evernorth's official debut on October 20 as an institutional vehicle for XRP adoption.
Following Evernorth’s launch announcement last week, XRP has surged by 8.6%, with its market capitalization increasing by approximately $13 billion, according to CoinGecko data.
Public Launch Plans
With $1 billion in XRP now secured in its treasury, Evernorth is progressing towards launching a publicly traded XRP treasury vehicle on the Nasdaq exchange under the ticker symbol XRPN. This was announced by CEO Asheesh Birla last week.
Birla, a 12-year veteran at Ripple, stepped down from the company’s board of directors in October to assume the roles of CEO and chair of the board at Evernorth.
As part of its merger with Armada Acquisition Corp II, Evernorth anticipated raising at least $1 billion in total funding. This funding includes private investments from Ripple, the Japanese SBI Group, the nonprofit foundation Rippleworks, and other entities.
Evernorth's CEO stated last Friday, "We’re backed by a world-class group of investors and leaders, including SBI, Ripple, Arrington Capital, Pantera Capital and Kraken, firms that share our conviction in XRP’s future." He further elaborated on the timing: "So why now? For the first time, XRP has clear regulatory standing in the United States, opening the door for large scale adoption. Evernorth is positioned to be that trusted, transparent bridge to the public markets."
Market Context and ETF Speculation
This news emerges amid growing anticipation for potential spot XRP exchange-traded funds (ETFs) in the United States. However, with spot HBAR and Litecoin ETFs reportedly set to begin trading on Nasdaq today, community speculation suggests that the Securities and Exchange Commission's decision on XRP ETFs may have been delayed once again. This potential delay is being linked to the ongoing US government shutdown.
The announcement also follows a period of significant interest in cryptocurrency ETFs, with Solana ETFs projected to attract $6 billion in capital within their first year, indicating a strong trend of institutional adoption for digital assets.