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Evernorth Holdings, a new Ripple-backed digital asset company, has reportedly amassed $1 billion worth of XRP tokens as part of its strategy to establish an XRP treasury.
As of Monday, Evernorth’s XRP (<a href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow">XRP</a>) holdings totaled 388.7 million tokens, according to data from digital asset analytics platform CryptoQuant.
With XRP <a href="https://www.coingecko.com/en/coins/xrp" rel="noopener noreferrer nofollow" target="_blank">trading</a> above $2.60 at the time of publication, the company’s XRP holdings have surpassed the $1 billion mark — a significant milestone in XRP accumulation that came just days after <a href="https://cointelegraph.com/news/evernorth-ripple-spac-xrp-treasury-deal" rel="noopener noreferrer nofollow">Evernorth’s official debut on Oct. 20</a> as an institutional vehicle for XRP adoption.
Following Evernorth’s launch announcement last week, XRP <a href="https://www.coingecko.com/en/coins/xrp" rel="noopener noreferrer nofollow" target="_blank">surged</a> by 8.6%, with its market capitalization adding around $13 billion, according to CoinGecko data.
<h2 id="public-launch-plans">Public launch plans</h2>
With $1 billion in XRP now in its treasury, Evernorth is moving closer to launching a publicly traded XRP treasury vehicle on the Nasdaq exchange under the ticker symbol XRPN, as CEO Asheesh Birla <a href="https://x.com/ashgoblue/status/1980244620438294845" rel="noopener noreferrer nofollow" target="_blank">said</a> last week.
A 12-year Ripple veteran, Birla stepped down from the company’s board of directors in October to <a href="https://www.linkedin.com/in/asheeshbirla/" rel="noopener noreferrer nofollow" target="_blank">take</a> on the roles of CEO and chair of the board at Evernorth.
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 Source: <a href="https://x.com/cryptoquant_com/status/1982720575543058937" rel="noopener noreferrer nofollow" target="_blank">CryptoQuant</a>
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As part of its merger with Armada Acquisition Corp II, Evernorth expected to raise at least $1 billion in total funding, featuring private investments from Ripple, the <a href="https://cointelegraph.com/news/sbi-japan-blockchain-partnership-circle-ripple-startale" rel="noopener noreferrer nofollow" target="_self">Japanese SBI Group</a>, the nonprofit foundation Rippleworks and others.
“We’re backed by a world-class group of investors and leaders, including SBI, Ripple, Arrington Capital, Pantera Capital and Kraken, firms that share our conviction in XRP’s future,” the Evernorth CEO <a href="https://www.sec.gov/Archives/edgar/data/2092592/000095010325013626/dp236302_425-selfie.htm" rel="noopener noreferrer nofollow" target="_blank">said</a> on Friday, adding:
<blockquote>
 “So why now? For the first time, XRP has clear regulatory standing in the United States, opening the door for large scale adoption. Evernorth is positioned to be that trusted, transparent bridge to the public markets.”
</blockquote>
The news came amid growing anticipation over spot XRP <a href="https://cointelegraph.com/learn/articles/different-types-of-etfs" rel="noopener noreferrer nofollow" target="_self">exchange-traded funds (ETFs) </a>in the US. However, as spot HBAR (<a href="/hedera-hbar-price-index" rel="noopener noreferrer">HBAR</a>) and Litecoin (<a href="/ltc-price-index" rel="noopener noreferrer">LTC</a>) ETFs were <a href="https://x.com/EleanorTerrett/status/1982896424288399605" rel="noopener noreferrer nofollow" target="_blank">expected</a> to start trading on Nasdaq today, the community has been speculating that XRP ETFs may face another delay in decision-making by the Securities and Exchange Commission amid the US government shutdown.
Related: <a href="https://cointelegraph.com/news/solana-etf-attract-6b-capital-sol-analyst" rel="noopener noreferrer nofollow" target="_self">Solana ETFs to attract $6B in first year as SOL joins the ‘big league’</a>
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-flashing-rare-top-signal-hayes-tips-1m-btc-hodlers-digest-oct-19-25/" rel="noopener noreferrer nofollow" target="_self">Bitcoin flashing ‘rare’ top signal, Hayes tips $1M BTC: Hodler’s Digest, Oct. 19 – 25</a>

Ripple-backed Evernorth nears launch of publicly traded XRP treasury

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