A newly established XRP-focused treasury company called Evernorth has quickly become one of the most profitable institutional players in the cryptocurrency market, amassing nearly $1 billion worth of XRP in less than a week.
With an estimated $75 million in unrealized gains from its XRP holdings, Evernorth’s aggressive buying spree has signaled a shift in institutional sentiment towards the token.
Accumulating $1 billion worth of XRP
Within its first week of operation, Evernorth acquired 388.7 million XRP, amounting to approximately $947 million, which accounts for 95% of its $1 billion target. This rapid accumulation, documented publicly by blockchain analytics platform CryptoQuant, is unprecedented for an altcoin like XRP.
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This significant purchase has contributed to a 6% increase in XRP’s price, reaching $2.64 in the past week. Evernorth’s current paper profits stand at over $75 million, with an average entry price of $2.44.
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If Evernorth continues at this pace, it could absorb up to 2% of XRP’s liquid supply within a year, potentially reducing volatility and strengthening the token’s price stability.
Evernorth’s operational model
Evernorth, a publicly traded digital-asset treasury, aims to provide direct exposure to XRP through traditional equity markets. The company is set to list on Nasdaq via a SPAC merger valued at $1 billion, with financial backing from SBI Holdings, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
Unlike traditional token holders, Evernorth plans to engage in lending, liquidity provision, and DeFi yield programs to enhance the value of XRP over time.
This active-treasury strategy is reminiscent of MicroStrategy’s Bitcoin accumulation approach, which tightened supply and created a proxy equity instrument for crypto exposure.
As Asheesh Birla, CEO of Evernorth, stated, \”Our strategy is designed to align with the growth of the XRP ecosystem, generating returns for shareholders while supporting XRP’s utility and adoption.\”
Rising institutional interest
Evernorth’s entrance into the market coincides with increasing demand for regulated XRP investment products and treasury investments.
Plans of other XRP treasury companies
| Company | Ticker | Announced Allocation (USD) | Purpose / Strategy | Status / Notes |
|---|---|---|---|---|
| Trident Digital Tech Holdings | TDTH | Up to $500 million | Large-scale XRP treasury; staking/yield generation | Plan announced; execution details pending |
| Webus International | WETO | Up to $300 million | Digital asset treasury focused on XRP | Filed SEC Form 6-K; conversion to holdings unclear |
| VivoPower International PLC | VVPR | Approx. $100 million | Use XRP for yield via staking/lending | Announced treasury strategy |
| Wellgistics Health, Inc. | WGRX | $50 million | Treasury reserve + cross-border vendor payments using XRP | Announced 2025; holding status not fully public |
| Nature’s Miracle Holding Inc. | NMHI | $20 million | Treasury diversification; vertical-farming tech operations | Plan disclosed; execution likely partial |
| Hyperscale Data Inc. | GPUS | $10 million | Locked reserve and lending plans using XRP | Smaller‐scale commitment |
| Worksport Ltd. | WKSP | Approx. $5 million (six-figures)† | Treasury + payments strategy using XRP (and BTC) | Earlier disclosure; part of “10 companies building XRP treasuries” list |
| Evernorth Holdings Inc. | (SPAC target XRPN expected) | Over $1 billion | Create the largest institutional XRP treasury via public listing | Announced plans, backed by Ripple & SBI; SPAC merger pending |
| SBI Holdings | — | $200 million investment into Evernorth | Strategic backing of large-scale XRP treasury initiative | Not directly a treasury only purchase; part of backing Evernorth’s initiative |
REX-Osprey’s XRPR ETF, the first US exchange-traded fund offering direct XRP exposure, has exceeded $100 million in assets under management within a month of its launch, demonstrating the growing institutional appetite for compliant XRP investment options following Ripple’s legal victory.
Beyond institutional financial products, XRP has also attracted attention from notable crypto traders. James Wynn, for instance, plans to allocate a significant portion of his portfolio to XRP, emphasizing its potential in revolutionizing global payment infrastructure.
While speculative projections like Wynn’s $500 XRP price forecast may seem unrealistic, they underscore the enduring appeal of XRP within the crypto community, even as institutional validation grows.
