Ripple-backed Evernorth now holds $1 billion in XRP

Key Takeaways

• Evernorth Holdings has accumulated nearly 389 million XRP worth $1 billion.
• The Ripple-backed company plans to go public via a SPAC merger and aims to expand its XRP treasury.

Evernorth Holdings, a newly formed XRP-focused treasury company with strong strategic ties to Ripple executives, has accumulated nearly 389 million XRP tokens, according to data from a cryptocurrency analytics platform.

With XRP trading at $2.6 at press time, the holdings are valued at over $1 billion, ranking Evernorth as one of the biggest holders of the token.

Last week, the Ripple-backed company announced its plan to go public through a SPAC merger with Armada Acquisition Corp II, targeting to raise over $1 billion to build a massive XRP treasury.

An on-chain analyst reported that Evernorth invested around $947 million in its treasury as of Oct. 27. The investment now results in over $50 million in unrealized gains.

Evernorth is led by CEO Asheesh Birla, who previously served as a senior executive at Ripple. He’s known for his contribution to the building and scaling of the company’s cross-border payments business.

Key Ripple executives, including Brad Garlinghouse, Stuart Alderoty, and David Schwartz, are expected to become Evernorth’s strategic advisors. Ripple’s co-founder, Chris Larsen, is one of the entity’s investors.

Alongside Evernorth, a new XRP treasury initiative is reportedly in the works with backing from Ripple Labs. The project aims to raise at least $1 billion to establish a dedicated digital asset treasury for XRP, structured through a special purpose acquisition company and supported by Ripple’s own XRP reserves.