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XRP Treasury Companies Surge To Nearly A Dozen
Following reports on the Ripple-backed Evernorth Holdings Inc., the number of XRP treasury companies is inching toward a dozen entities, buoyed by rising institutional interest.
According to on-chain data, there are 11 recognized XRP treasury companies, with pundits predicting the figure will balloon in the coming months. While the Ripple-backed Evernorth is poised to be the largest XRP treasury company with $1 billion worth of assets, Trident Digital ranks in second place with $500 million.
Meanwhile, Chinese firm Webus has laid the foundation for a $300 million XRP strategic reserve after submitting the paperwork to the US SEC back in early June. VivoPower has steadily increased its XRP holdings after launching its reserve with a $121 million private placement in mid-2022.
Florida-based Wellgistics and Hyperscale rank in fifth and sixth place, respectively, while Everything Blockchain (EBZT) and Japanese game developer Gumi have joined the growing list of XRP treasury companies.
 
Worksport entered the space with a seven-figure investment in Bitcoin (BTC) and XRP, with BC Bud subsequently purchasing the asset through a private placement.
A cross-section of entities is adopting XRP for its settlement use cases via RippleNet/ODL, while others are banking on yield generation opportunities with Flare and other liquidity programs.
The companies are mirroring Strategy’s playbook with BTC, hoping to add value for shareholders on the speculative upside. Several executives from the companies have pointed to recent regulatory clarity in the US and rising adoption metrics as reasons for wading into the ecosystem.
Despite the rising adoption metrics, concerns persist that the XRP price may not end the year on a high note. According to prediction marketplace Kalshi, the odds of XRP reaching $5 in 2024 have decreased to 20%, partly due to the broader decline in the cryptocurrency market.
Currently, XRP is trading at $2.46, having shed nearly 17% over the last month. With a market capitalization of $147 billion, XRP ranks as the fifth-largest cryptocurrency, having been surpassed by BNB in early October.