Evernorth, Supported by Ripple, Approaches Launch of Publicly-Traded XRP Treasury

Evernorth, Supported by Ripple, Approaches Launch of Publicly-Traded XRP Treasury

Evernorth Holdings, a new digital asset company backed by Ripple, has reportedly accumulated $1 billion in XRP tokens as part of its plan to create an XRP treasury. As of Monday, Evernorth's holdings in XRP amounted to 388.7 million tokens, according to data from CryptoQuant, a digital asset analytics platform.

With XRP trading above $2.60 at the time this information was released, Evernorth’s XRP assets have crossed the $1 billion threshold. This achievement marks a significant point in the company’s XRP accumulation efforts, occurring just days after its official launch on October 20, which aims to promote institutional use of XRP.

Following the announcement of Evernorth’s launch last week, XRP saw a jump of 8.6%, resulting in approximately $13 billion added to its market capitalization, as per data from CoinGecko.

Public Launch Plans for Evernorth

With a treasury of $1 billion in XRP, Evernorth is now on the verge of launching a publicly traded XRP treasury vehicle on the Nasdaq exchange, designated to trade under the ticker symbol XRPN. CEO Asheesh Birla, who previously worked at Ripple for 12 years, stepped down from the company’s board of directors in October to become CEO and chair of Evernorth.

Evernorth Launch Plans

Through its merger with Armada Acquisition Corp II, Evernorth anticipates raising at least $1 billion in total funding, which will include private investments from Ripple, the Japanese group SBI, the Rippleworks nonprofit foundation, and more.

Birla expressed confidence in the support they have received, stating, “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 announcement is being made amid increasing interest in the possibility of spot XRP exchange-traded funds (ETFs) in the U.S. However, there has been speculation within the community regarding potential delays in the approval process by the Securities and Exchange Commission (SEC) as the government shutdown continues. During this time, other spot ETFs like HBAR and Litecoin are expected to begin trading on Nasdaq.

Key Takeaways

Evernorth Holdings, backed by Ripple, has accumulated $1 billion in XRP tokens, totaling 388.7 million tokens.
The launch of a publicly traded XRP treasury vehicle on Nasdaq is imminent and will trade under the ticker XRPN.
XRP price increased by 8.6% following the launch announcement, adding $13 billion to its market cap.
Evernorth plans to raise at least $1 billion through a merger with Armada Acquisition Corp II, with investments from notable firms including Ripple and SBI Group.
The community is anxious about potential delays in XRP ETF approvals by the SEC as anticipation builds around spot ETFs in the U.S. market.