Less than a week after its debut, Evernorth, a newly formed XRP-focused treasury company, has emerged as one of crypto’s most profitable institutional entrants.
The firm’s swift accumulation of nearly $1 billion worth of XRP has already generated an estimated $75 million in unrealized gains, signaling that Wall Street’s quiet pivot toward the token may already be underway.
The $1 billion XRP accumulation
On Oct. 27, blockchain analytics platform CryptoQuant reported that Evernorth spent roughly $947 million acquiring 388.7 million XRP during its first week of operation. This effectively completes about 95% of the firm’s $1 billion XRP purchase target.
Notably, this aggressive, publicly documented buying streak is unprecedented for an altcoin outside Ethereum, and Solana, highlighting how fast institutional sentiment toward XRP is changing.
Interestingly, the aggressive accumulation has contributed to the token’s recent 6% rise to a high of $2.64 in the past week.
According to CryptoSlate’s earlier modeling, XRP was expected to reach this price level if the large-scale institutional buyer entered the market aggressively. This forecast appears to have materialized now.
At the current market prices of $2.61, Evernorth has over $75 million in paper profits because its average entry price was $2.44.
If Evernorth maintains its current pace, CryptoSlate analysis estimates it could absorb up to 2% of XRP’s liquid supply within a year. This would significantly dampen retail-driven volatility and potentially reinforce the asset’s price depth.
How Evernorth works
Evernorth is a publicly traded digital-asset treasury designed to give investors direct exposure to XRP through traditional equity markets.
The company plans to list on Nasdaq via a special-purpose acquisition company (SPAC) merger valued at $1 billion. This deal is supported by $200 million from SBI Holdings and additional backing from Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
Its model blends corporate balance-sheet strategy with blockchain yield generation. Instead of merely holding tokens, Evernorth intends to lend, provide liquidity, and participate in DeFi yield programs that would help to grow XRP per share over time.
That active-treasury approach draws comparisons to MicroStrategy’s Bitcoin playbook, where consistent accumulation tightened supply and created a proxy equity vehicle for crypto exposure.
Asheesh Birla, CEO of Evernorth, said:
“This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”
Strong institutional momentum
The timing of Evernorth’s entry coincides with growing momentum for regulated XRP investment products and treasury buys.
Other XRP treasury company plans
| Company | Ticker | Announced Allocation (USD) | Purpose / Strategy | Status / Notes |
|---|---|---|---|---|
| Trident Digital Tech Holdings | TDTH | Up to $500 million | Large-scale XRP treasury; staking/yield generation | Plan announced; execution details pending |
| Webus International | WETO | Up to $300 million | Digital asset treasury focused on XRP | Filed SEC Form 6-K; conversion to holdings unclear |
| VivoPower International PLC | VVPR | Approx. $100 million | Use XRP for yield via staking/lending | Announced treasury strategy |
| Wellgistics Health, Inc. | WGRX | $50 million | Treasury reserve + cross-border vendor payments using XRP | Announced 2025; holding status not fully public |
| Nature’s Miracle Holding Inc. | NMHI | $20 million | Treasury diversification; vertical-farming tech operations | Plan disclosed; execution likely partial |
| Hyperscale Data Inc. | GPUS | $10 million | Locked reserve and lending plans using XRP | Smaller‐scale commitment |
| Worksport Ltd. | WKSP | Approx. $5 million (six-figures)† | Treasury + payments strategy using XRP (and BTC) | Earlier disclosure; part of “10 companies building XRP treasuries” list |
| Evernorth Holdings Inc. | (SPAC target XRPN expected) | Over $1 billion | Create the largest institutional XRP treasury via public listing | Announced plans, backed by Ripple & SBI; SPAC merger pending |
| SBI Holdings | — | $200 million investment into Evernorth | Strategic backing of large-scale XRP treasury initiative | Not directly a treasury only purchase; part of backing Evernorth’s initiative |
Last week, asset management firm REX-Osprey confirmed that its XRPR ETF, the first US exchange-traded fund offering direct XRP exposure, had surpassed $100 million in assets under management (AUM) barely a month after launch.
The milestone reflects the increasing institutional appetite for compliant XRP vehicles following Ripple’s legal victory.
Meanwhile, enthusiasm extends beyond these institutional financial vehicles, as XRP also captures the interests of prominent crypto traders.
Crypto trader James Wynn recently announced plans to allocate a “significant portion” of his portfolio to XRP, calling it a transformative bet on global payments infrastructure.
In a separate post, he envisioned XRP price reaching $500 per coin and central banks using its premine to offset the $38 trillion US debt.
He believes this scenario would create a “whole new financial system,” that places “Ripple at the centre of everything.”
This projection reflects how deeply the asset’s narrative still grips the online crypto community. While such predictions are far from realistic, they highlight the cultural persistence of XRP’s “underdog” status even as institutional validation grows.
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