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Evernorth has completed a significant acquisition of XRP worth over $1 billion, signaling its intent to dominate digital asset treasuries. The Ripple-backed firm now holds more than 388 million XRP tokens and is preparing for a public market debut. This strategic positioning underscores Evernorth’s broader plan to integrate digital assets with traditional financial systems.
Evernorth recently purchased 388.7 million XRP tokens, acquiring them at an average price of $2.44 per token. At current market levels of around $2.66, the company’s holdings are valued at approximately $1.03 billion. This results in an estimated unrealized profit of $85.5 million for Evernorth, reflecting the precise execution of its asset strategy.
The acquisition represents 95% of Evernorth’s stated target and accounts for nearly 2% of XRP’s liquid circulating supply. With this move, Evernorth becomes one of the largest institutional holders of XRP globally. Such accumulation supports price stability, boosts liquidity, and deepens market confidence in the token’s future.
Evernorth’s asset strategy closely mirrors MicroStrategy’s approach with Bitcoin, leveraging the firm’s balance sheet to grow its crypto reserves. The company’s leadership includes Asheesh Birla, a Ripple veteran, who now serves as CEO and directs its expansion. Ripple executives also back the venture, including key figures such as Brad Garlinghouse and David Schwartz.
XRP prices jumped 1.5%, rounding off a weekly gain of over 10%. The price moved from $2.60 to $2.66 as the market absorbed news of the large-scale purchase. This reaction reflects rising optimism about XRP’s long-term prospects in the digital asset space.
The timing aligns with a broader trend of institutional accumulation in the crypto market, particularly around XRP. Several new treasury initiatives are emerging, some backed by Ripple and targeting large-scale purchases. Evernorth’s aggressive position adds pressure to XRP’s supply and may reduce short-term volatility.
The XRP market awaits regulatory updates on spot ETF approvals in the United States. While the SEC’s decisions remain pending, recent corporate moves add weight to the token’s legitimacy. Evernorth’s involvement gives the digital asset added relevance as it transitions toward more formal capital markets.
Evernorth will merge with Armada Acquisition Corp II in a $1 billion SPAC deal, paving the way for its listing on Nasdaq. The company will trade under the ticker symbol XRPN, targeting exposure to traditional equity markets. This approach offers public market participants an entry into crypto-backed treasury strategies.
The SPAC route fast-tracks Evernorth’s transition from private to public, bypassing longer IPO timelines. This provides the firm with early access to capital markets and enables direct participation in XRP-based financial services. The deal has financial backing from Ripple, SBI Holdings, and Pantera Capital.
Evernorth aims to serve as a bridge between the XRP ecosystem and the global financial sector. With XRP on its balance sheet and institutional backing, the firm seeks to redefine treasury operations. As it nears Nasdaq, Evernorth positions itself as the first major XRP-focused public company in the U.S.
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Yasmin is a crypto content analyst and writer with over 2 years of experience. She has a strong understanding of the crypto market and blockchain technologies. As an avid trader who stays updated on the latest trends and news, Yasmin delivers insightful and informative content.
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