Evernorth Holdings Acquires $1B in XRP, Plans SPAC Merger
Ripple-backed Evernorth Holdings has acquired approximately $1 billion worth of XRP, making it one of the largest single-entity accumulations of XRP.
Evernorth's holdings total 388.7 million XRP tokens, purchased at an average price of $2.44 per token, reaching 95% of its acquisition target.
At the current market price of $2.66 per XRP, Evernorth's investment is valued at about $1.03 billion, resulting in an unrealized profit of around $85.5 million.
Evernorth launched on October 20 as a digital asset management and treasury firm, aiming to bridge traditional finance with the XRP ecosystem.
The company is preparing to go public through a SPAC merger with Armada Acquisition Corp II, intending to trade under the ticker XRPN on Nasdaq.
This move aims to raise at least $1 billion, supported by Ripple, SBI Group, Rippleworks, and other private investors.
XRP's market reaction showed a 10% weekly gain, bouncing from $2.60 to $2.66 following Evernorth's aggressive accumulation.
Speculation continues regarding the approval timeline for spot XRP ETFs in the U.S., with potential delays due to government funding uncertainties.
Analysts suggest Evernorth's institutional moves could bolster XRP's long-term credibility, noting it remains in a multi-year reaccumulation phase.
