Evernorth Holdings Inc., has secured 261 million XRP for its treasury move, as it plans to go public on Nasdaq through a merger with Armada Acquisition Corp II.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
2 mins read
Ripple-backed digital asset treasury firm, Evernorth Holdings Inc., has joined the likes of VivoPower International, Trident Digital Tech Holdings, and Webus, which have been stockpiling XRP XRP $2.48 24h volatility: 3.6% Market cap: $148.84 B Vol. 24h: $3.63 B .
The firm allegedly holds approximately 261 million XRP, which is worth $639.45 million, based on the current price of the coin.
On October 20, Evernorth hinted at its plans to go public on the Nasdaq stock exchange through a merger with a Special-purpose Acquisition Company (SPAC) called Armada Acquisition Corp II (ticker: AACI).
Under this deal, it expects to raise over $1 billion in gross proceeds from SBI Holdings, Pantera Capital, Ripple Labs, GSR, and Kraken.
On X, XRP Ledger dUNL Validator known as Vet, confirmed that Evernorth now has 261 million XRP, suggesting that some partners have redeemed their commitment.
Chris Larsen, Ripple’s co-founder and Executive Chairman, had promised to invest 50 million XRP tokens worth $124.5 million into this Evernorth deal. Net proceeds are dedicated to open-market acquisitions of XRP.
Vet noted that Larsen has sent in his quota, while Ripple sent 211 million and 319,000 XRP in two transactions. Uphold exchange is another entity that has fulfilled its contribution to the deal.
Evernorth has now 261M XRP. Who has sent XRP so far?
> Ripple send two payments, 211M and 319k XRP
> Chris Larsen sent 50M XRP
> Uphold exchange acc sent 199k XRP
> Jana label 🏷️ acc sent 300k XRP
That's all in XRP, no stables. pic.twitter.com/vyqzl7d9vf
— Vet 🏴☠️ (@Vet_X0) October 23, 2025
The fundraiser is billed to close in Q1 2026, although it is still subject to regulatory and shareholder approvals. With the secured capital, Evernorth will create an XRP-based treasury.
This is likely to be the world’s largest publicly traded institutional XRP treasury, focused on the accumulation and management of the top digital asset.
Broadly, XRP has garnered admiration among investors and traders. It boasts the position as the fifth-largest cryptocurrency by market cap around $146.61 billion at the time of this writing.
Its price is 2.07% high in the last 24 hours and resting at $2.45. This is quite significant considering that the broader cryptocurrency market is currently in a fragile period.
The news about Evernorth’s investment may have contributed to boosting the price of XRP, but a further increase is expected soon. On-chain data and market sentiment suggest a potential XRP turnaround may be near.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
