Haciyev Reşit 
Ripple-supported next-generation treasury management company Evernorth Holdings has achieved a remarkable milestone in the crypto industry. The company has accumulated 389 million XRP, valued at over $1 billion, making it one of the largest institutional holders of the token. Riding on this momentum, Evernorth plans to go public through a SPAC merger.
Evernorth’s XRP Holdings Surpass $1 Billion
According to CryptoQuant data, Evernorth Holdings known for its close ties with Ripple executives held approximately 389 million XRP tokens as of October 27. Based on XRP’s current price of $2.60, the company’s total holdings exceed $1 billion, positioning Evernorth among the world’s top XRP holders.
On-chain analyst JA Maartun reported that Evernorth has invested around $947 million in acquiring XRP and currently holds over $50 million in unrealized gains. This reflects not only XRP’s strong recent performance but also the rapidly growing institutional interest surrounding the token.
Ripple Connection and IPO Plans
Evernorth Holdings is led by Asheesh Birla, one of the prominent figures in the Ripple ecosystem. Birla previously served as a senior executive at Ripple and played a key role in expanding the company’s cross-border payment solutions globally.
Evernorth recently announced plans to go public through a SPAC merger with Armada Acquisition Corp II. This move aims to expand the company’s XRP treasury and attract greater institutional investor interest.
Strong Backing from Ripple Leadership
Evernorth’s management and advisory board include several high-profile figures from Ripple, highlighting deep institutional ties:
- Brad Garlinghouse – CEO of Ripple
- Stuart Alderoty – Chief Legal Officer
- David Schwartz – Chief Technology Officer (CTO)
In addition, Chris Larsen, Ripple’s co-founder, is among Evernorth’s key investors. This powerhouse lineup positions Evernorth not merely as an investment firm, but as a strategic force driving XRP’s institutional growth and ecosystem development.
New XRP Treasury Initiative on the Horizon
According to sources close to the Ripple ecosystem, Ripple Labs is reportedly supporting a new XRP treasury initiative alongside Evernorth. The project aims to raise at least $1 billion through a special purpose acquisition company (SPAC) to establish a digital asset treasury backed by Ripple’s own XRP reserves.
This structure could strengthen XRP’s position as a corporate reserve asset, enhancing both price stability and long-term value growth. Analysts suggest that these strategic developments could mark a turning point for XRP’s institutional adoption and global financial relevance.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.