Evernorth Expands XRP Holdings Beyond $1.1 Billion Amid Nasdaq Merger Plans

In a significant development within the cryptocurrency industry, Evernorth Holdings, a Ripple-supported digital asset treasury firm, has notably increased its holdings in XRP, amassing a reserve valued at over $1 billion. Recent blockchain data has brought to light these considerable acquisitions, which involve significant transfers of XRP from Ripple itself, as well as contributions from individuals and platforms such as Uphold.

The move by Evernorth places it among other prominent entities like VivoPower International and Trident Digital Tech Holdings in fortifying their financial positions with substantial amounts of XRP. As per recent on-chain data, Ripple Labs has facilitated these holdings by transferring a staggering 389 million XRP to Evernorth, translating to a value slightly surpassing the billion-dollar mark. This substantial infusion is indicative of Ripple’s ongoing strategy to bolster the use and liquidity of XRP in various financial ecosystems.

The trail of digital transactions reveals that an Evernorth-associated wallet received over 340 million XRP directly from Ripple. Additionally, donations and transfers were also made from influential figures in the cryptocurrency space, including Chris Larsen and Edward Hennis. The acquisition journey for Evernorth didn’t stop there; assets were also acquired from trading platforms like Uphold, Coinbase, and Gemini over a brief period.

Chris Larsen, co-founder of Ripple, recently validated a significant transfer, marked by a 50 million XRP shift to Evernorth, further cementing his investment and trust in the firm’s treasury operations. This transfer has contributed significantly to Larsen’s cumulative profits, which have witnessed a dramatic increase from under $200 million to well over $750 million since 2018. Such substantial gains are a testament to the strategic investments and the burgeoning value of XRP over the years.

Evernorth’s ambitions are not confined to cryptocurrency holdings alone. On October 20, the firm unveiled its intentions to become a publicly traded company through a strategic merger with Armada Acquisition Corp II, a special-purpose acquisition company (SPAC). The proposed merger aims for a Nasdaq listing, expected to finalize by the first quarter of 2026, and will trade under the ticker symbol XRPN. To solidify its market presence and operational scope, Evernorth seeks to raise over $1 billion, sourcing $201 million from investors like SBI, along with contributions from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR.

Should these plans materialize, Evernorth is poised to become the preeminent holder of XRP globally. This development has sparked heightened interest and optimism within the cryptocurrency community, reflecting potentially significant implications for the digital asset ecosystem and broader financial markets.

The XRP market has responded positively to these events. Over the past week, XRP prices have seen an uptick of over 10%, with a notable 2% increase in the last 24 hours, as it continues to trade at approximately $2.66. The daily low and high of the cryptocurrency are reported at $2.61 and $2.67, respectively, marking a robust market sentiment. The trading volume has surged by 17% over the last day, underscoring burgeoning interest among traders and investors.

Furthermore, current data from CoinGlass reveals an active derivatives market, with noticeable buying activity. At present, the total open interest in the XRP futures market has risen by approximately 3.5%, hitting $4.52 billion. Intriguingly, open interest in XRP futures contracts on platforms such as CME and Binance has seen increases of over 2% and 5% respectively in the past day, highlighting growing speculation and confidence in XRP’s future performance.

The developments surrounding Evernorth’s strategic buildup of XRP holdings and upcoming Nasdaq listing underscore a pivotal shift in how digital assets are perceived as instruments of financial strategy and market innovation. Such moves signal a broader acceptance and integration of cryptocurrencies into traditional financial operations, potentially setting the stage for further transformative changes in the financial landscape.