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Ripple-back Evernorth holds $1 billion in XRP

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Evernorth Holdings, a new digital asset company backed by Ripple, has reportedly acquired $1 billion worth of XRP tokens as part of its strategy to establish an XRP Treasury.

As of Monday, Evernorth’s XRP (XRP) holdings reached 388.7 million tokens, according to data from digital asset analytics platform cryptoquant.

XRP included trading Above $2.60 at lath time Evernorth officially debuted on October 20 as an institutional vehicle for XRP adoption.

Following Evernorth’s launch announcement last week, XRP Surged by 8.6%, with market capitalization adding nearly $13 billion, according to Coingecko data.

Public launch plans

With $1 billion in XRP now in its Treasury, Evernorth is moving closer to launching a publicly traded XRP Treasury Vehicle on the Nasdaq Exchange under the ticker symbol XRPN, as CEO Asheesh Birla said Last week.

A 12-year veteran of ripple, Birla stepped down from the company’s board of directors in October to get in the roles of CEO and Chairman of the Board at Evernorth.

As part of its merger with Armada Acquisition Corp II, Evernorth expects to raise at least $1 billion in total funding, featuring private investments from Ripple, the Japanese SBI Groupthe nonprofit foundation rippleworks and others.

“We are backed by a strong group of investors and leaders, including SBI, Ripple, Arrington Capital, Pantera Capital and Kraken, companies that share our conviction in the future of XRP,” The Evernorth CEO said on Friday, adding:

“So why now? For the first time, XRP has a clear regulatory standing in the United States, opening the door for mass adoption.

The news comes amid growing optimism over Spot XRP Exchange traded funds (ETFs) in the US. However, as spot hbar (Hbar) and Litecoin (LTC) ETFs are expected To begin trading on the NASDAQ today, the community speculated that the XRP ETF could face another delay in the Securities and Exchange Commission’s decision-making amid the US government shutdown.