A new heavyweight has entered the XRP ecosystem. Evernorth Holdings, a Ripple-backed digital asset treasury firm, has quietly amassed over $1 billion in XRP, positioning itself among the largest institutional holders of the cryptocurrency.
Blockchain tracking platforms show that Evernorth’s accumulation accelerated over the past week through multiple inflows from Ripple Labs, major exchanges such as Uphold and Coinbase, and private wallets linked to early XRP backers.
The firm’s XRP reserves now exceed 388 million tokens, a figure that underscores Ripple’s growing strategy of empowering corporate treasuries built on its native asset.
Strategic Support from Ripple and Early Investors
Data from XRPSCAN reveals that Ripple itself transferred roughly 338 million XRP to Evernorth’s on-chain wallets, while additional contributions came from prominent investors, including Chris Larsen, who reportedly moved 50 million XRP into the project.
These moves have turned Evernorth into one of the most significant institutional players in Ripple’s ecosystem, joining companies such as VivoPower International, Trident Digital Tech Holdings, and Webus, which have similarly built their treasuries around XRP.
Larsen’s latest transaction marks a continuation of his long-term commitment to Ripple-linked ventures. Since 2018, his realized profits from XRP holdings have soared from under $200 million to more than $750 million in 2025, according to blockchain analysts.
Evernorth Eyes Wall Street With Nasdaq Listing Plan
Evernorth isn’t just building its crypto reserves — it’s preparing to enter traditional finance. The company recently announced plans to list publicly on the Nasdaq through a merger with Armada Acquisition Corp II, a special-purpose acquisition company (SPAC).
The newly formed entity will trade under the ticker XRPN once the merger is complete, a milestone expected by Q1 2026. Evernorth says the deal will help it expand institutional adoption of XRP-based treasury management.
To support its public launch, the firm aims to raise over $1 billion in new capital. Major participants reportedly include SBI Holdings, Ripple Labs, Rippleworks, Pantera Capital, Kraken, and GSR, reflecting strong cross-border investment interest.
A Turning Point for XRP Institutionalization
Evernorth’s rapid rise illustrates a shift in how XRP is being positioned — not just as a payments asset, but as a reserve instrument for corporate finance. If its Nasdaq debut goes as planned, the company could become the largest XRP-based treasury in existence, integrating blockchain liquidity directly with public market access.
The development has injected new enthusiasm into the XRP community, which has long awaited major institutional milestones following Ripple’s regulatory clarity and court victories in the U.S.
While short-term price reactions remain muted, sentiment among traders and holders has improved notably, with many viewing Evernorth’s emergence as a signal of growing maturity and adoption in the XRP ecosystem.
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Source: https://coindoo.com/ripple-news-evernorth-officially-announces-1-billion-xrp-treasury-expansion/