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Evernorth Holdings, a newly formed digital asset treasury firm, has reportedly snatched up $1 billion worth of XRP tokens as part of its strategy to establish an XRP-based treasury.
According to data tracked by blockchain analytics platform CryptoQuant, Evernorth’s XRP stockpile totaled 388.7 million tokens as of Monday — reaching 95% of its stated target.
With the price of XRP hovering at around $2.67 as of press time, the firm’s XRP stash is valued at over $1 billion. This represents a huge milestone in XRP treasury accumulation that came just days after Evernorth’s official launch on Oct. 20.
XRP is the fourth-largest crypto with a market cap of around $159.5 billion and a fully diluted valuation of $265.7 billion.
Evernorth Holdings disclosed last week that it signed a business combination agreement with Armada Acquisition Corp II. With $1 billion in XRP now in its treasury, the combined company is moving closer to debuting its publicly traded XRP treasury vehicle on the Nasdaq under the ticker symbol XRPN.
Asheesh Birla, a former senior executive at Ripple, stepped down from the company’s board of directors in October to assume the roles of CEO and chairman of the board at Evernorth.
Evernorth planned to raise more than $1 billion in total funding, featuring private investments from Ripple, Pantera Capital, Kraken, the Japanese SBI Group, and others, with participation from Ripple co-founder Chris Larsen.
Beyond treasury activity, the company revealed plans to operate validators on the XRP Ledger and leverage Ripple’s RLUSD stablecoin as an on-ramp into XRP-based decentralized finance (DeFi).
The news came amid growing anticipation over spot XRP exchange-traded funds (ETFs) in the US. However, as spot Hedera and Litecoin, and Solana ETFs are expected to commence trading on Nasdaq today, there have been whispers within the crypto community that XRP ETFs might face more delays in decision-making by the U.S. Securities and Exchange Commission (SEC) amid the federal government shutdown.

Bitcoin miners, and Bitcoin mining equipment makers like Canaan, are seeing significant downside in today's session.
Canaan (CAN 15.52%) is among the leading Bitcoin mining-related stocks and it's been hard to digest, partly due to a very volatile share price that has moved sometimes out of tandem with the core token the company mines.
As the chart above shows, depending on the time frame investors are looking at, it's either good or bad news for this holding. Since yesterday's close, shares of CAN stock are down 16% as of 2:20 p.m. ET. And on a year-to-date basis, Canaan has declined 34% at the time of writing.
However, over the course of the past 12 months, it's up 58%, which exemplifies just how volatile things have been for Canaan.
Let's dive into what's driving this volatility and what investors should make of this daily move.
Bitcoin mining-adjacent companies like Canaan certainly do provide leveraged exposure to the underlying commodity they mine: Bitcoin. And with Bitcoin down on the day, the recent Bitcoin halving, and other technological factors at play (such as the rising price of power in many parts of the world), the company has felt fundamental pressures that do appear to still be playing into the company's recent streak of weakness.
A recent note from analysts at B. Riley pushes a thesis that Canaan is unlikely to be profitable this year, with the company turning profitable in 2027. That said, given the company's net margin of negative 77% and return on equity of more than negative 92%, this is a stock that fundamentals-oriented investors may simply be steering away from, until the tide turns.
What's also interesting to me is that despite strong orders announced earlier this month, as well as the announcement of a new and more efficient Bitcoin mining machine, Canaan has yet to see the kind of surge some investors have been hoping for.
My view is that for now, investors looking to play a rising tide in the cryptocurrency sector will continue to do so via owning these tokens outright, or via a spot exchange-traded fund (ETF). Crypto miners, and mining equipment makers like Canaan, just seem too risky to invest in with fundamentals that don't support an investment thesis at this point in time.
Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
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Blazpay Turns Bullish as XRP Eyes $2.80 Breakout – Best Crypto Presale of 2025 Heats Up
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Pi Network continues to advance its ecosystem, while the project’s native token has experienced significant volatility as of late. In the following lines, we will explore these topics in detail.
Last month, Pi Network’s team revealed that the protocol will move from v19 to v23. The new version was described as “a custom Pi protocol, pulling upgrades from Stellar v23, adding new functionality and control.” Specifically, it will embed Know-Your-Customer authority to maintain the project as a KYC-verified blockchain, while offering a more “distributed, community-driven process.”
Earlier today (October 28), several X users reported that Testnet2 v23 had been officially activated. They also outlined that the next step is the introduction of the Mainnet v24 / Stellar.
The implementation of the upgrade ensures that all network nodes now operate under Protocol v23 (fully compatible with Stellar SCP). It also enables smart contracts and DeFi functionalities, synchronizes community dashboards and monitoring tools with the new network status, and establishes that all future governance proposals/votes apply to the upgraded version.
Another recent development related to the controversial crypto project is the Pi Hackathon 2025. The team launched the event towards the end of August with the primary goal of encouraging Pioneers to create real-world applications that expand the utility of the PI token.
It also promised a 160,000-coin prize pool for the top eight teams. The Hackathon reached its halfway point a month ago and was supposed to end on October 15. However, Pi Network’s team has not yet unveiled its official conclusion or provided any updates since that deadline passed.
The project’s native cryptocurrency finally charted a substantial green candle on October 27, when the price shot up by double digits to almost $0.30. This happened at a time when the broader crypto market experienced a revival, but today things are much different. PI headed back south and is currently worth around $0.23 (per CoinGecko’s data), representing a 7% daily decline.
And while the hard-core fans of the asset believe a rally into uncharted territory remains possible in the future, some factors suggest a further short-term pullback is also on the table. The tokens scheduled to unlock over the next 30 days, for instance, are above 120 million. This will allow people to offload holdings they have been waiting for a long time, thereby increasing selling pressure.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.
Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer

The company that owns the Trump family’s media properties plans to incorporate prediction markets into Truth Social, the social media site that President Donald Trump launched in 2022.
On Tuesday, Trump Media & Technology Group announced it has partnered with Crypto.com to develop a new product called “Truth Predict,” which is slated to launch in the near future, according to a statement. A spokesperson for Crypto.com did not immediately respond to a request for comment about the specific timeline.
Prediction markets are exchanges where people can bet on the outcome of events. The prices of the outcomes reflect people’s forecasts, which can be more accurate than traditional forecasting methods. Truth Social users will be able to to bet on elections, inflation rate changes, sports, and commodity prices on gold and crude oil, according to the statement.
The announcement comes at a time when enthusiasm for prediction markets has reached a fever pitch. In early October, the parent company of the New York Stock Exchange invested $2 billion in Polymarket, one of the marquee prediction markets. Meanwhile, a growing list of other companies like Robinhood are jumping into the sector.
Prediction markets are currently dominated by Polymarket and its rival Kalshi, which became household names during last year’s presidential election campaign. During that time, millions of people bet more than $3 billion on the outcome of the election. Fast forward a year later, Polymarket is valued at $9 billion and Kalshi is valued at about $5 billion.
The recent hype around prediction markets has been driven in part by sports betting, which has led Kalshi and Polymarket to challenge the likes of DraftKings. It’s unclear for now if sports will be a focus of prediction markets on Truth Social, or if the platform will focus more on politics.
This is not the first partnership between Trump’s media arm and Crypto.com. In August, the company that owns the Trump family’s media properties raised more than $6 billion to acquire a supply of the digital token Cronos, which is issued by Crypto.com. That deal also involved Trump Media adding the crypto exchange’s token and crypto wallet to its platforms.
Trump Media touts the effort as a way to make prediction markets more accessible to everyday Americans.
“For too long, global elites have closely controlled these markets – with Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd,” said Devin Nunes, Chairman and CEO of Trump Media, in the statement.
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