Evernorth buys $1 billion XRP in preparation for its Nasdaq IPO

Ripple’s newest venture, Evernorth, has made headlines after purchasing nearly $1 billion worth of XRP, marking one of the largest institutional accumulations of the digital asset to date.

The move underscores growing institutional confidence in XRP and highlights Ripple’s broader push to integrate digital assets into traditional finance.

Evernorth’s big bet on XRP

Evernorth Holdings, a Ripple-backed digital asset treasury firm, has accumulated approximately 388.7 million XRP tokens, valued at just over $1 billion at current market prices.

According to data from CryptoQuant, the company purchased the tokens at an average price of $2.44 per XRP, giving it more than $50 million in unrealised gains as the token trades around $2.60.

123 Reply Copy link The company officially launched on October 20, led by Ripple veteran Asheesh Birla, who played a key role in scaling Ripple’s cross-border payments business.

Birla now heads Evernorth as its CEO, guiding its mission to serve as a bridge between traditional finance and the XRP ecosystem.

Ripple’s top executives — including Brad Garlinghouse, Stuart Alderoty, and David Schwartz — are expected to advise the new venture, while co-founder Chris Larsen is among its investors.

Plans to go public on Nasdaq

Evernorth’s ambitions extend beyond simply managing crypto assets.

The company plans to go public through a $1 billion SPAC merger with Armada Acquisition Corp II, trading under the ticker XRPN once the deal closes.

Backed by Ripple, SBI Holdings, Pantera Capital, Kraken, and GSR, the merger aims to position Evernorth as the largest publicly listed XRP treasury firm in the world.

The SPAC route offers a fast track to Wall Street, giving traditional investors an equity-based entry point into the XRP market.

Evernorth’s model mirrors MicroStrategy’s Bitcoin strategy, where a company’s balance sheet is actively used to manage and grow digital assets.

Notably, Evernorth’s large-scale purchase comes at a time when institutional interest in XRP is rapidly growing.

The buying activity has helped push XRP prices up 1.5%, contributing to a 10% weekly gain.

By potentially absorbing up to 2% of XRP’s liquid supply within a year, Evernorth could reduce volatility and enhance liquidity depth — both critical for institutional adoption.

More XRP treasuries on the horizon

Evernorth is not the only firm betting big on XRP. Several other treasury initiatives have recently surfaced, with commitments ranging from $10 million to $500 million.

Ripple-affiliated entities are reportedly backing another $1 billion XRP treasury project structured through a SPAC and supported by Ripple’s own reserves.

At the same time, institutional investment products are gaining traction.

The XRPR ETF, launched by REX-Osprey, has surpassed $100 million in assets under management, making it the first US ETF to offer direct XRP exposure.

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