Evernorth Holdings, backed by Ripple, has accumulated 388.7 million XRP, equivalent to over $1 billion. This is part of its plan to launch a publicly traded XRP treasury vehicle on Nasdaq under the ticker XRPN.
Since its institutional debut on October 20, the company has strengthened its position and helped boost XRP by 8.6%, adding approximately $13 billion to its market capitalization.
Asheesh Birla, a Ripple veteran, leads Evernorth as CEO and chair of the board. The firm has received funding from Ripple, SBI Group, Rippleworks, Arrington Capital, Pantera Capital, and Kraken.
Evernorth aims to capitalize on market interest in spot XRP ETFs in the U.S. However, it is important to note that the SEC could delay its decisions due to the partial government shutdown. The company continues to await regulatory clarity for XRP, which would enable large-scale institutional adoption and strengthen its liquidity.
Source: https://x.com/cryptoquant_com/status/1982720575543058937
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