Evernorth Nears $1 Billion XRP Holdings Marking 95% Target Completion
Evernorth's Strategic Move in XRP Accumulation
- Evernorth is nearing its target of $1 billion in XRP holdings, currently holding 388,710,606.03 XRP valued at approximately $947,183,571.
- The firm has generated unrealized profits of around $46 million over four days, with an average purchase price of $2.44 per XRP.
- This accumulation positions Evernorth among the top institutional holders of XRP, signaling increased institutional interest in alternative cryptocurrencies beyond BTC and ETH.
Growth Strategy and Institutional Engagement
- Evernorth plans to go public through a SPAC merger with Armada Acquisition Corp II, aiming for over $1 billion in gross proceeds.
- The company intends to expand into markets like Japan and South Korea and employ risk-mitigated treasury deployment for yield generation.
- Ripple CEO praised Evernorth’s involvement in institutional lending and DeFi opportunities, highlighting its potential to enhance XRP’s utility.
Overall, Evernorth's efforts mark a significant step towards broader institutional adoption of XRP, potentially influencing its market trajectory and presence in capital markets.