Evernorth Nears $1B XRP Goal, Boosting Institutional Adoption

Evernorth has emerged as a formidable force in institutional cryptocurrency accumulation, closing in on its ambitious XRP treasury goal with remarkable speed. According to data from CryptoQuant, the firm has reached 95% of its accumulation target in just a few days, holding 388,710,606.03 XRP valued at approximately $947,183,571. This positions Evernorth among the top institutional holders of the cryptocurrency and brings the company tantalizingly close to the $1 billion funding milestone.

The rapid accumulation has already generated substantial returns for the firm. Community analyst JA Maartunn from CryptoQuant revealed that Evernorth has generated roughly $46 million in unrealized profits within just four days. The company’s average purchase price of $2.44 per XRP represents what Maartunn believes could become a defining price level for the cryptocurrency’s market trajectory. This aggressive accumulation strategy comes amid a broader trend of institutional diversification toward digital assets, with Evernorth’s expanding holdings signaling a decisive shift beyond Bitcoin and Ethereum.

Evernorth’s emergence as an institutional vehicle was formally introduced by CEO Asheesh Birla on October 20 through an X post, where he described the company as being built specifically to propel XRP’s global adoption. The announcement detailed ambitious plans to go public through a SPAC merger with Armada Acquisition Corp II (NASDAQ:AACI), targeting gross proceeds of more than $1 billion. This strategic move represents a significant step in establishing XRP as a mainstream institutional asset.

The company’s growth strategy extends beyond simple accumulation. Evernorth plans to acquire XRP through innovative financial structures designed to maximize XRP per share while expanding internationally into key markets like Japan and South Korea. Additionally, the firm intends to diversify its yield generation through risk-mitigated treasury deployment, reflecting a deliberate, structured approach toward building a long-term institutional presence around XRP. These initiatives demonstrate a comprehensive vision for establishing XRP as a core component of institutional digital asset portfolios.

The Evernorth initiative has garnered strong support from Ripple’s leadership, with CEO Brad Garlinghouse praising Birla’s vision and confirming Ripple’s partnership and investment alongside prominent firms including SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks. Garlinghouse emphasized that Evernorth’s participation in institutional lending, liquidity provision, and DeFi yield opportunities will be instrumental in expanding XRP’s utility beyond simple speculation.

Adding further credibility to the venture, Ripple’s Chief Technology Officer David Schwartz has joined Evernorth as a strategic advisor. Schwartz echoed the enthusiasm for building scalable opportunities for XRP across DeFi and capital markets, bringing his technical expertise to the initiative. This high-level involvement from Ripple’s leadership, combined with partnerships with established financial and crypto institutions, creates a robust foundation for Evernorth’s ambitious plans and signals strong industry confidence in XRP’s institutional potential.

Evernorth’s rapid accumulation of XRP represents more than just a single company’s success—it signals a potential paradigm shift in how institutions engage with cryptocurrencies beyond the dominant Bitcoin and Ethereum. The company’s approach mirrors earlier institutional moves by firms like Strategy with its aggressive Bitcoin accumulation and The Ether Machine with its dedicated focus on Ethereum, but with a clear focus on establishing XRP as the next frontier for institutional treasuries.

This development underscores a maturing institutional demand for alternative layer-1 assets, particularly those with high liquidity and regulatory clarity. Evernorth’s structured approach to treasury management, combined with its plans for public listing and international expansion, suggests that XRP may be positioning itself as the regulated crypto asset of choice for institutional investors seeking exposure beyond the crypto market’s two largest players. The excitement generated across the XRP community reflects the broader significance of this institutional validation and the potential for similar accumulation strategies to emerge for other digital assets.