Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing

Ripple-backed Evernorth’s XRP treasury has grown to $1 billion just days after the company announced plans to raise over $1 billion to launch the largest XRP treasury. This development appears to be one of the factors behind the altcoin’s gain of over 4% today.

Evernorth’s XRP Treasury Tops $1 Billion

XRPScan data shows that the company’s wallet currently holds 388.7 million XRP, worth just over $1 billion. This follows the latest of 126.8 million XRP from Ripple, which had contributed some of its holdings to establish Evernorth’s treasury.

CoinGape reported last week that Ripple had transferred $500 million worth of XRP, which turned out to be part of the tokens that were eventually sent to Evernorth’s wallet. Notably, the firm received just over 530 million tokens from Ripple on October 23, three days after Evernorth announced plans to launch the largest public XRP treasury, backed by Ripple and other notable investors.

Evernorth’s wallet also received 50 million tokens from Ripple’s Chairman, Chris Larsen, on the same day the company announced its launch, and 199,998 XRP from Uphold. The company had revealed that it would raise over $1 billion, including $200 million from SBI, and additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR.

It also stated that it would use most of the net proceeds to buy XRP at market price. However, it remains unclear whether the company has completed the raise and whether it still plans to purchase additional tokens beyond those received from Ripple.

This development comes ahead of Evernorth’s public listing through a business agreement with Armada Acquisition Corp II. The company will list on the Nasdaq under the ticker ‘XRPN.’

Plans To Further Expand The Treasury In The Future

Evernorth’s CEO, Asheesh Birla, recently revealed plans to expand the treasury further in the future. He stated that they will use the gains derived from deploying their XRP holdings for DeFi to buy more coins.

The company plans to deploy its holdings in institutional lending, liquidity provision, and DeFi yield opportunities. Evernorth will also operate XRP validators as part of the broader plans to advance the ecosystem.

Meanwhile, it is worth noting that the XRP price is up over 4% today amid the increase in Evernorth’s holdings. CoinMarketCap data shows that the altcoin has surged from an intraday low of $2.4 to an intraday high of $2.58.