Evernorth Holdings, a Ripple-backed asset management firm, has purchased nearly $1 billion worth of XRP, marking one of the largest institutional accumulations in the token’s history.
According to CryptoQuant data, Evernorth has acquired 388.7 million XRP at an average price of $2.44, now valued at $1.03 billion at the current market rate of $2.66. The company’s position generates an unrealized profit of about $85.5 million. Additionally, the purchase now puts Evernorth among the largest single-entity holders of XRP.
Evernorth Holdings Now Holds 388,710,606.03 XRP, Reaching 95% of its Target
“Their average purchase price sits around $2.44, which could mark a key level for Ripple’s future price action.” – By @JA_Maartun pic.twitter.com/qZmCKs9gk6
— CryptoQuant.com (@cryptoquant_com) October 27, 2025
Evernorth Sets Stage for Nasdaq Listing Under XRPN
Evernorth, officially launched on October 20, operates as a digital asset management and treasury platform that integrates traditional finance with blockchain-based assets. The firm, led by Ripple executive Asheesh Birla, aims to institutionalize XRP holdings and provide structured access to digital assets for corporate and financial entities.
The company is now preparing for a public listing via a merger with Armada Acquisition Corp II, a special-purpose acquisition company (SPAC). Upon completion, Evernorth will trade under the ticker symbol “XRPN” on the Nasdaq. The merger, expected to close in the first quarter of 2026, seeks to raise over $1 billion in capital with participation from Ripple, Rippleworks, SBI Group, Pantera Capital, Kraken, and GSR.
If successful, it will become the largest publicly traded XRP treasury, positioning XRP as a major institutional-grade asset alongside Bitcoin and Ethereum-based funds.
Ripple Co-Founder Strengthens Evernorth’s XRP Reserves
Ripple co-founder Chris Larsen has played a central role in supporting Evernorth’s accumulation strategy. He recently transferred 50 million XRP from his personal wallet to the company as part of a treasury arrangement, expanding Evernorth’s balance sheet.
Larsen has seen a large growth in his personal XRP-related returns. His realized profits now exceed $750 million, up from 2018, when the value of his XRP stake was below $200 million. Moreover, Evernorth’s accumulation has influenced XRP’s recent market performance, supporting a price rebound.
As of press time, XRP rose from $2.60 to $2.66, marking a 10% weekly gain. Over the past 24 hours, XRP’s price has increased by 2%, while trading volume has surged 17%.
Evans Kelvin
Brenda Kanana
