TLDR
- Evernorth Holdings has acquired 388.7 million XRP tokens valued at over one billion dollars.
- The company launched on October 20 with a focus on connecting institutional investors to the XRP ecosystem.
- Evernorth plans to list an XRP treasury vehicle on Nasdaq under the ticker symbol XRPN.
- Asheesh Birla stepped down from Ripple’s board to become CEO and chairman of Evernorth.
- The company is merging with Armada Acquisition Corp II to raise at least one billion dollars in funding.
Evernorth Holdings has acquired over $1 billion in XRP, holding 388.7 million tokens, according to CryptoQuant data. The new firm launched October 20 and plans to list an XRP treasury vehicle under ticker XRPN.
Evernorth Holdings Now Holds 388,710,606.03 XRP, Reaching 95% of its Target
“Their average purchase price sits around $2.44, which could mark a key level for Ripple’s future price action.” – By @JA_Maartun pic.twitter.com/qZmCKs9gk6
— CryptoQuant.com (@cryptoquant_com) October 27, 2025
Evernorth Secures Large XRP Treasury Backed by Institutional Investors
The company now ranks among the top institutional holders of XRP. Each XRP token held by Evernorth is valued above $2.60 based on market pricing.
Evernorth confirmed its intention to serve public market investors using XRP as its treasury-backed asset class.
Led by Asheesh Birla, Evernorth aims to expand access to XRP through regulated channels. He stepped down from Ripple’s board this month.
Birla stated, “We are building the most transparent, compliant gateway between institutional capital and the XRP ecosystem.”
Evernorth’s XRP accumulation reflects its confidence in the asset’s long-term adoption and utility within financial markets.
Nasdaq Listing and Merger to Expand Evernorth’s XRP Strategy
Evernorth plans to debut its XRP treasury vehicle, XRPN, on the Nasdaq exchange. This move will offer market access through a listed instrument.
The vehicle is structured to provide exposure to XRP for institutional and retail participants. It marks a new method of public XRP investment.
To support its financial structure, Evernorth is merging with Armada Acquisition Corp II. The merger is expected to raise $1 billion.
The merger would provide Evernorth with more capital to expand its XRP operations and future offerings in the space.
Institutional backers include Ripple, Kraken, Arrington Capital, Rippleworks, SBI Group, and Pantera Capital. These firms have expressed support for Evernorth’s XRP model.
Each investor has a long-term view of XRP’s use in regulated markets. Their participation adds depth to Evernorth’s strategy.
XRP Market Impact and ETF Developments
Following Evernorth’s launch, XRP rose 8.6% in price. This added around $13 billion to its total market capitalization.
The price increase followed news of institutional interest and the upcoming XRPN listing. Traders reacted to growing on-chain demand.
CryptoQuant’s data reflects the real-time accumulation of XRP by Evernorth. This confirms the scale of Evernorth’s holdings on-chain.
The crypto market awaits U.S.-based spot XRP ETFs. Recent ETFs for HBAR and Litecoin launched, but XRP’s timeline remains uncertain.
Analysts cite SEC backlogs and a prior government shutdown for potential ETF listing delays. The market continues to monitor developments.
XRP continues trading above $2.60 as of the latest data. The token’s market cap has grown following Evernorth’s public entry.
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