Evernorth Holdings, a new digital asset management company backed by Ripple, has attracted market attention by accumulating over $1 billion in XRP in a short time.
Ripple-Backed Evernorth’s XRP Assets Surpass $1 Billion
According to CryptoQuant data, the company holds approximately 389 million XRP tokens. With the XRP price trading around $2.6, Evernorth’s total assets exceed $1 billion.
Evernorth announced last week that it plans to go public through a SPAC merger with Armada Acquisition Corp II. The company reportedly aims to raise over $1 billion in capital to create a large-scale treasury of XRP.
CryptoQuant analyst JA Maartun reported that as of October 27, Evernorth had invested approximately $947 million and currently has over $50 million in unrealized gains.
The company’s CEO, Asheesh Birla, is known as one of Ripple’s senior executives and played a key role in developing the company’s international payment infrastructure.
It was announced that Ripple CEO Brad Garlinghouse, chief legal officer Stuart Alderoty, and chief technology officer David Schwartz will also join Evernorth as strategic advisors.
In addition to Evernorth, another XRP treasury initiative backed by Ripple Labs is reportedly in the works. This new project will be backed by Ripple’s own XRP reserves, aiming to raise at least $1 billion and grow the XRP ecosystem.
*This is not investment advice.