Evernorth Expands XRP Holdings to $1B Ahead of Ripple-Backed Nasdaq Debut
Ripple back Evernorth Holdings has finally made it into the billion-dollar club, having expanded its XRP holdings to over $1 billion...
Quick overview
- Evernorth Holdings has surpassed $1 billion in XRP holdings, bolstered by a recent SPAC merger.
- The firm accumulated a total of 388.71 million XRP, with major contributions from Ripple, Chris Larsen, and various exchanges.
- Evernorth plans to go public on Nasdaq under the ticker XRPN, aiming to raise $1.2 billion from the merger.
- XRP's value has increased by 10% recently, indicating renewed institutional interest ahead of Evernorth's listing.
Ripple back Evernorth Holdings has finally made it into the billion-dollar club, having expanded its XRP holdings to over $1 billion according to recent on-chain data. The digital asset treasury, having just announced a SPAC merger worth over $1 billion, has been quietly piling up XRP from Ripple, major exchanges & big hitters like Chris Larsen.
Numbers from Whale Alert and CryptoQuant show that Ripple quietly dumped 338 million XRP into an Evernorth-linked wallet. Other exchanges, including Uphold, Coinbase & Gemini & Larsen himself, also coughed up 50 million XRP to help the firm expand its treasury.
- Total XRP accumulated: 388.71 million
- Estimated value: Over $1 billion
- Major contributors: Ripple, Chris Larsen, Uphold, Coinbase
Evernorth joins a small group like VivoPower International, Trident Digital Tech Holdings & Webus, that have been aggressively going all in on XRP this year.
$XRP in November: Key Insights
1. Fractal analysis points to a 12–18% rally, targeting $2.75–$3.00.
2. Evernorth’s $1B accumulation and record XRP outflows indicate strong bullish pressure.
3. Short liquidations near $2.68 could trigger a short squeeze, potentially pushing price…— TapbitChiefCommunicationsOfficer (@tapbitcmo) October 28, 2025
Ripple Executives Deepen Strategic Backing
Evernorth has got some serious backing from some pretty big names. Chris Larsen, one of Ripple’s founders, has seen his XRP profits grow from $200 million in earlier years to a whopping $764 million since 2018. & let’s be real, this is a big vote of confidence in XRP’s long-term prospects as a bit of a ‘ bridge ‘ between different currencies & a valuable asset in treasury.
Evernorth, led by former Ripple executive Asheesh Birla, has pumped in $947 million so far, with the unrealized profits now sitting at a fairly tidy $45 million. Analysts reckon this accumulation strategy is doing Evernorth no harm—it’s probably the biggest institutional XRP player outside of Ripple itself.
Suppose Evernorth keeps on tucking in the way it’s been doing. In that case, it won’t be long before it has a serious stash of XRP in the bank, possibly even rivaling the likes of MicroStrategy when it comes to Bitcoin holdings – but of course, all in the XRP ecosystem.
Nasdaq Listing to Redefine XRP’s Institutional Outlook
Evernorth has announced plans to go public on the Nasdaq via a merger with Armada Acquisition Corp II, under the ticker symbol XRPN. The deal is expected to close sometime in Q1 2026. If all goes to plan, this will make Evernorth the first publicly traded XRP treasury.
MARKET: $XRP shows strong bullish signals as Evernorth accumulates $1B and exchange outflows hit record levels, sparking a surge toward $3 expected this November.
— WhaleInsight 🐋⚡ (@whale_insight) October 27, 2025
The plan is to raise a whopping 1.2 billion dollars from this deal, with 200 million of that coming from SBI Holdings, as well as a bit more from a host of other investors, including Ripple, Rippleworks, Pantera Capital, Kraken & GSR.
Meanwhile, XRP has gone up 10% over the past week – currently trading at $2.66 – and trading volume is down 17% in 24 hours – with futures open interest up 3% to a whopping $4.51 Billion – all of this says to me that there is renewed institutional appetite out there – ahead of Evernorth’s listing.
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