Evernorth, a newly established treasury company dedicated to XRP, has quickly risen to prominence in the cryptocurrency landscape, revealing its substantial institutional engagement in the space just days after its launch. The firm has successfully acquired nearly $1 billion worth of XRP, leading to an estimated $75 million in unrealized gains, indicative of Wall Street’s shifting sentiment towards this particular token.
According to data from blockchain analytics firm CryptoQuant, Evernorth’s aggressive strategy involved spending approximately $947 million to acquire 388.7 million XRP within its first week, achieving around 95% of its $1 billion target. This level of institutional buying activity for an altcoin—especially one outside high-profile projects like Ethereum and Solana—stands out and suggests a notable change in institutional confidence in XRP.
In the past week, the significant accumulation has coincided with a 6% increase in XRP’s price, hitting a high of $2.64. Analysts had previously indicated that such a price point could be reached if institutional buyers entered the market with substantial force, a situation that appears to have materialized with Evernorth’s entrance. At the current trading price of around $2.61, the firm’s investment has already yielded over $75 million in paper profits, given that its average purchase price stands at $2.44.
If Evernorth maintains its purchasing momentum, projections suggest it could capture up to 2% of XRP’s liquid supply within a year, potentially stabilizing the token’s price by reducing volatility driven by retail investors.
Evernorth operates as a publicly traded digital-asset treasury aimed at providing traditional equity market investors direct exposure to XRP. The company plans to go public via a SPAC merger valued at $1 billion, backed by substantial investments from firms such as SBI Holdings, Pantera Capital, Kraken, and Ripple co-founder Chris Larsen.
The firm’s strategy blends traditional corporate balance-sheet strategies with blockchain yield generation, seeking to actively manage its XRP holdings. This includes lending, providing liquidity, and engaging in decentralized finance (DeFi) yield generation, with an objective to bolster XRP’s value per share over time. CEO Asheesh Birla emphasized the dual benefit of this approach, explaining that it is designed to produce returns for shareholders while enhancing XRP’s utility and broader adoption.
Evernorth’s arrival comes at a time of increasing institutional interest in regulated XRP investment products and treasury allocations. Other companies are also planning substantial investments in XRP, including Trident Digital Tech Holdings, which aims to allocate up to $500 million for large-scale treasury operations, and Webus International, which is focusing on an up to $300 million digital asset treasury structure.
In the broader market, the asset management firm REX-Osprey recently announced that its XRPR ETF, the first U.S. exchange-traded fund providing direct exposure to XRP, surpassed $100 million in assets under management within a month of its launch, signaling growing institutional demand for compliant XRP investment vehicles following Ripple’s legal victories.
The enthusiasm surrounding XRP extends to individual traders as well. Crypto trader James Wynn recently conveyed his plans to invest a “significant portion” of his portfolio in XRP, envisioning a future where the token could play a central role in a new global payments infrastructure and projecting lofty price targets.
While such forecasts may seem exaggerated, they underline the ongoing cultural attachment to XRP’s narrative as an underdog asset, even amidst an era of growing institutional validation.
