Evernorth Nears $1 Billion XRP Treasury Goal, Signaling Major Institutional Shift
Evernorth has rapidly emerged as a dominant force in institutional crypto accumulation, achieving 95% of its ambitious XRP treasury target in just a few days. This significant milestone underscores a growing institutional appetite for digital assets beyond Bitcoin and Ethereum, positioning XRP at the forefront of a new wave of corporate crypto adoption.
Evernorth's Near-$1 Billion XRP War Chest
A recent report from CryptoQuant reveals Evernorth's remarkable progress, with its XRP holdings now nearing the $1 billion mark. The firm currently commands 388,710,606.03 XRP, translating to an approximate value of $947,183,571, and impressively generated roughly $46 million in unrealized profits within four days. This rapid accumulation, at an average purchase price of $2.44 per XRP, suggests a strategic belief in XRP's long-term market trajectory. Evernorth's aggressive move highlights a broader trend of institutional diversification into digital assets, with entities increasingly exploring Layer-1 alternatives like XRP that offer high liquidity and potential for regulatory clarity.
Strategic Vision for XRP's Institutional Future
Asheesh Birla, CEO of Evernorth, formally introduced the treasury company on October 20, outlining its mission to serve as an institutional vehicle for propelling XRP's global adoption. The announcement included plans for Evernorth to go public through a SPAC merger with Armade Acquisition Corp II (NASDAQ: AAC), aiming to secure over $1 billion in gross proceeds. Evernorth's growth strategy is multifaceted, encompassing innovative financial structures to maximize XRP per share, alongside aggressive international expansion into key markets such as Japan and South Korea. The company also intends to diversify its yield generation through risk-mitigated treasury deployments, including institutional lending, liquidity provision, and DeFi opportunities. This strategic direction has garnered significant praise from Ripple's leadership, with CEO Brad Garlinghouse and CTO David Schwartz both commending Birla's initiative and emphasizing XRP's crucial role in scaling DeFi and capital markets.
