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- Evernorth Holdings has built an XRP portfolio valued at over $1 billion.
- The Ripple-backed firm plans to go public through a SPAC merger.
- The company aims to expand its XRP reserves and strengthen its market position.
Evernorth Holdings has rapidly emerged as a major player in the XRP ecosystem. According to the report, the Ripple-backed company has accumulated nearly 389 million XRP tokens. At the current market price of $2.6 per token, the total value exceeds $1 billion.
This makes Evernorth one of the largest independent holders of XRP outside of Ripple itself. Data from CryptoQuant shows that the company invested around $947 million in its treasury as of late October. The surge in XRP’s price has already generated more than $50 million in unrealized gains.
The company’s move reflects a growing trend of institutional-grade entities exploring long-term crypto treasury strategies. Evernorth’s approach focuses on using XRP as a core reserve asset while maintaining liquidity and compliance. Its growing reserves signal confidence in XRP’s future as a settlement asset for global financial systems.
SPAC Merger Positions Evernorth and Ripple for Institutional Growth
Evernorth’s next step involves going public. The company recently confirmed plans to merge with Armada Acquisition Corp II, a special purpose acquisition company. The merger is expected to raise over $1 billion, which will further expand Evernorth’s XRP treasury and operational infrastructure.
This move mirrors traditional corporate finance strategies, where SPAC mergers offer a faster route to public markets. By leveraging this structure, Evernorth seeks to gain access to institutional investors, enhance market transparency, and strengthen liquidity in its XRP holdings.
The firm’s public listing could also introduce new opportunities for regulated exposure to XRP through equity markets. It marks one of the first cases where a company is building its core business model entirely around a single digital asset reserve.
Evernorth’s Leadership Strengthens XRP Treasury Vision
Evernorth’s leadership brings deep Ripple expertise. CEO Asheesh Birla, a former senior executive at Ripple, has been instrumental in scaling Ripple’s cross-border payments division. His leadership aims to connect Evernorth’s treasury ambitions with Ripple’s broader ecosystem.
Several key Ripple figures, including Brad Garlinghouse, Stuart Alderoty, and David Schwartz, are expected to join as strategic advisors. Ripple co-founder Chris Larsen is also among the company’s early investors. Their combined experience provides Evernorth with credibility and insight into the XRP market’s evolution.
Alongside Evernorth, reports suggest another Ripple-backed XRP treasury project is being developed. It plans to raise over $1 billion to build a digital asset reserve supported by Ripple’s holdings. This growing ecosystem of XRP treasuries highlights the renewed institutional focus on blockchain-based liquidity infrastructure.
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