Evernorth Holdings, a newly launched Ripple-backed digital asset firm, has reportedly accumulated $1 billion worth of XRP tokens as part of its plan to establish a dedicated XRP treasury.
According to data from CryptoQuant, Evernorth’s holdings reached 388.7 million XRP as of Monday. With XRP trading above $2.60, the company’s total XRP value has surpassed $1 billion, marking a major milestone achieved just days after its official debut on October 20 as an institutional vehicle for XRP adoption.Following the company’s launch announcement, XRP’s price surged 8.6%, boosting its market capitalization by approximately $13 billion, based on data from CoinGecko.
As part of its merger with Armada Acquisition Corp II, Evernorth aims to raise over $1 billion in total funding, supported by a consortium of prominent investors — including Ripple, Japan’s SBI Group, the nonprofit Rippleworks Foundation, and others.
“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 long-term potential,” said Evernorth CEO Asheesh Birla on Friday, emphasizing the company’s vision to accelerate institutional adoption of XRP.
“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.”
The announcement comes amid rising anticipation for the approval of spot XRP exchange-traded funds (ETFs) in the United States. However, with spot HBAR and Litecoin ETFs set to begin trading on Nasdaq today, community speculation suggests that XRP ETF approvals could face further delays as the Securities and Exchange Commission (SEC) continues to operate under constraints from the ongoing U.S. government shutdown.
