 
 
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.
Evernorth Hits 95% Of XRP Target
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.