Evernorth’s $1 Billion XRP Bet: The Silent Crypto Play That Could Rewrite Ripple’s Future—Are You Ready to Ride the Wave?
Ever wondered what it takes for a startup to snag a cool billion in crypto before even hitting the public markets? Well, Evernorth Holdings just flipped the script by amassing nearly 389 million XRP tokens, valuing their stash at over a whopping $1 billion. Backed by Ripple bigwigs and led by former Ripple executive Asheesh Birla, this new kid on the block is not only stacking a massive XRP treasury but also gearing up for a public debut through a SPAC merger. It’s a telltale sign of growing institutional appetite for XRP, blending savvy investment strategy with some serious insider moves. Curious about how this powerhouse is reshaping digital asset treasuries? LEARN MORE.
Evernorth eyes a public debut as its substantial XRP holdings yield rapid gains and signal growing institutional interest.
Key Takeaways
- Evernorth Holdings has accumulated nearly 389 million XRP worth $1 billion.
- The Ripple-backed company plans to go public via a SPAC merger and aims to expand its XRP treasury.
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Evernorth Holdings, a newly formed XRP-focused treasury company with strong strategic ties to Ripple executives, has accumulated nearly 389 million XRP tokens, according to data from CryptoQuant.
With XRP trading at $2.6 at press time, the holdings are valued at over $1 billion, ranking Evernorth as one of the biggest holders of the token.
Last week, the Ripple-backed company announced its plan to go public through a SPAC merger with Armada Acquisition Corp II, targeting to raise over $1 billion to build a massive XRP treasury.
CryptoQuant’s on-chain analyst JA Maartun reported that Evernorth invested around $947 million in its treasury as of Oct. 27. The investment now results in over $50 million in unrealized gains.
Evernorth is led by CEO Asheesh Birla, who previously served as a senior executive at Ripple. He’s known for his contribution to the building and scaling of the company’s cross-border payments business.
Key Ripple executives, including Brad Garlinghouse, Stuart Alderoty, and David Schwartz, are expected to become Evernorth’s strategic advisors. Ripple’s co-founder, Chris Larsen, is one of the entity’s investors.
Alongside Evernorth, a new XRP treasury initiative is reportedly in the works with backing from Ripple Labs. The project aims to raise at least $1 billion to establish a dedicated digital asset treasury for XRP, structured through a special purpose acquisition company and supported by Ripple’s own XRP reserves.
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