Evernorth Holdings Inc., a digital asset treasury firm supported by Ripple, has secured approximately 261 million XRP as part of its strategy to bolster its treasury. This substantial acquisition comes amid a wave of redemptions from some of its prominent partners, including Ripple Labs. Following the announcement, the price of XRP experienced a modest uptick, reflecting market optimism.
Evernorth now joins the ranks of companies like VivoPower International, Trident Digital Tech Holdings, and Webus, which have also increased their holdings of XRP. Based on current valuations, the 261 million XRP is approximately valued at $639.45 million.
In a significant development, Evernorth announced its intention to go public on the Nasdaq stock exchange through a merger with Armada Acquisition Corp II (ticker: AACI). This move aims to generate over $1 billion in gross proceeds through investments from partners including SBI Holdings, Pantera Capital, Ripple Labs, GSR, and Kraken.
Chris Larsen, co-founder and Executive Chairman of Ripple, has reaffirmed his commitment by contributing 50 million XRP, worth around $124.5 million, to the Evernorth initiative. These net proceeds are earmarked for open-market acquisitions of XRP, indicating a focused strategy on accumulating and managing this prominent digital asset.
On social media, XRP Ledger dUNL Validator, known as Vet, confirmed the current holdings of Evernorth, detailing contributions from various entities. Ripple contributed two transactions totaling 211 million and 319,000 XRP, while Larsen and Uphold exchange also made notable contributions. This consortium collectively demonstrates strategic alignment towards enhancing Evernorth’s asset base.
The capital raise is projected to conclude in the first quarter of 2026, although it remains contingent upon regulatory approvals and shareholder consent. Upon completion, Evernorth is poised to establish what may be the largest publicly traded institutional XRP treasury, dedicated to managing and accumulating XRP, a move that could reshape institutional involvement in the cryptocurrency market.
XRP continues to gain favorable attention from traders and investors, currently sitting as the fifth-largest cryptocurrency by market cap, valued at approximately $146.61 billion. In the last 24 hours, the price of XRP rose by 2.07%, reaching $2.45. This rise is particularly noteworthy given the broader market’s current state of volatility. The recent developments surrounding Evernorth’s investment may have played a role in this price increase, and indicators suggest a possible further upward trend for XRP in the near future.
