Ripple-backed Evernorth has expanded its XRP holdings to over $1 billion, positioning itself as a major player in the cryptocurrency market. This comes just days after the firm announced a special-purpose acquisition company (SPAC) merger to raise capital for further institutional XRP accumulation. With backing from Ripple and key investors like Chris Larsen, Evernorth aims to become the largest publicly traded XRP treasury. As the price of XRP surges, Evernorth’s move is gaining attention.
Evernorth, a Ripple-backed digital asset treasury firm, has recently boosted its XRP holdings to over $1 billion. On-chain data indicates that the company received significant XRP transfers from Ripple and key investors like Uphold, Coinbase, and Gemini.
The largest transfer, totaling 338 million XRP, was from Ripple itself. The expansion of Evernorth’s treasury comes in the wake of a SPAC merger announcement, aimed at raising over $1 billion to accumulate XRP for institutional investment.
Former Ripple executive Asheesh Birla leads Evernorth’s strategy, which involves growing the firm’s holdings in XRP to dominate the market. Evernorth’s strategic position has drawn significant interest, especially after the firm’s merger plans were revealed.
By accumulating XRP at such a scale, Evernorth plans to further secure its position as a key player in the cryptocurrency landscape. The firm’s acquisition strategy reflects growing institutional support for XRP, despite ongoing regulatory scrutiny of the cryptocurrency market.
Chris Larsen, co-founder of Ripple, continues to play an integral role in Evernorth’s XRP accumulation. Last week, Larsen confirmed a transfer of 50 million XRP from his personal wallet to Evernorth as part of the firm’s treasury deal.
This move marks a significant addition to Evernorth’s holdings, further expanding its balance sheet. As of 2025, Larsen’s realized profits from XRP investments have soared to over $750 million, a sharp increase from his previous holdings in 2018, which were valued below $200 million.
Larsen’s involvement is not just a sign of personal profit, but also a reflection of Evernorth’s commitment to XRP’s long-term value. His move to channel XRP into Evernorth emphasizes confidence in the asset’s future. As one of the primary investors, Larsen is pushing forward Evernorth’s vision to create the largest publicly traded XRP treasury on the market.
Evernorth recently announced its plans to go public on the Nasdaq through a merger with Armada Acquisition Corp II, a special-purpose acquisition company (SPAC). The firm intends to raise over $1 billion in capital, with a portion of the funds expected to come from key investors such as Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. The merger is expected to be finalized by the first quarter of 2026, with the ticker symbol “XRPN” representing Evernorth on the stock exchange.
The listing marks a significant milestone for the company as it seeks to solidify its position in the growing digital asset market. If the merger is completed successfully, Evernorth could become the largest publicly traded XRP treasury. The firm’s plans reflect the growing institutional interest in cryptocurrencies, particularly XRP, and its commitment to expanding the liquidity and utility of the digital asset.
XRP has recently experienced a significant price rebound, increasing by more than 10% within a week. The price of XRP is currently trading at around $2.66, showing a steady increase in market value. Over the past 24 hours, XRP’s price rose by 2%, with a notable surge in trading volume, which increased by 17%. This uptick in price coincides with Evernorth’s growing XRP holdings and institutional interest in the digital asset.
The rise in XRP’s price is also reflected in the futures market, with open interest increasing across multiple exchanges. According to CoinGlass data, XRP futures open interest on platforms like CME and Binance has surged, indicating more traders are entering the market. This uptick in market activity is viewed as a positive sign for Evernorth and other entities accumulating XRP.
Kelvin Munene is a crypto and finance journalist with over 5 years of experience in market analysis and expert commentary. He holds a Bachelor’s degree in Journalism and Actuarial Science from Mount Kenya University and is known for meticulous research in cryptocurrency, blockchain, and financial markets. His work has been featured in top publications including Coingape, Cryptobasic, MetaNews, Coinedition, and Analytics Insight. Kelvin specializes in uncovering emerging crypto trends and delivering data-driven analyses to help readers make informed decisions. Outside of work, he enjoys chess, traveling, and exploring new adventures.
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