Ripple-backed digital asset treasury firm Evernorth has expanded its XRP portfolio to over 388 million tokens, valued at more than $1 billion, marking a significant institutional accumulation. This growth is driven by major transfers, including approximately 338 million XRP from Ripple itself and 50 million XRP from Chris Larsen, Ripple's co-founder, who has seen his realized profits from XRP investments surge from under $200 million in 2018 to over $750 million in 2025.
Evernorth is preparing for a public listing on the Nasdaq through a SPAC merger with Armada Acquisition Corp II, expected to finalize by Q1 2026. The firm aims to raise over $1 billion in capital, with support from key investors like Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Upon completion, it will trade under the ticker "XRPN" and potentially become the largest publicly traded XRP treasury.
Concurrently, XRP's price has surged by more than 10% in a week, reaching around $2.66, with a 17% increase in trading volume over 24 hours. This rebound is linked to heightened institutional interest, reflected in rising futures open interest on exchanges such as CME and Binance, signaling growing confidence in XRP's market position.
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