Introduction
In a stunning display of institutional conviction, newly-formed treasury company Evernorth has acquired nearly $1 billion worth of XRP in its first week of operation, generating approximately $75 million in unrealized gains and signaling Wall Street’s accelerating pivot toward the once-controversial digital asset. The company’s aggressive accumulation strategy, which has already completed 95% of its $1 billion purchase target, represents one of the largest institutional entries into the XRP market and has contributed to the token’s recent 6% price surge to $2.64.
Key Points
- Evernorth acquired 388.7 million XRP worth $947 million at an average price of $2.44, now holding $75 million in unrealized gains at current prices
- The company plans to list on Nasdaq via a $1 billion SPAC merger backed by $200 million from SBI Holdings and support from Pantera Capital, Kraken, and Ripple co-founder Chris Larsen
- Evernorth's active treasury approach includes lending, liquidity provision, and DeFi yield programs, drawing comparisons to MicroStrategy's Bitcoin strategy
Unprecedented Institutional Accumulation
According to blockchain analytics platform CryptoQuant, Evernorth spent roughly $947 million acquiring 388.7 million XRP during its debut week, achieving an average entry price of $2.44 per token. At current market prices of $2.61, this positions the company with over $75 million in paper profits, demonstrating the immediate financial impact of its strategic accumulation. The scale and speed of this buying activity is unprecedented for an altcoin outside of Ethereum and Solana, highlighting how rapidly institutional sentiment toward XRP is evolving.
The aggressive purchasing has had measurable market impact, contributing to XRP’s 6% rise to a recent high of $2.64. CryptoSlate’s earlier modeling had predicted exactly this price movement if a large-scale institutional buyer entered the market aggressively, a forecast that has now materialized with Evernorth’s entrance. If the company maintains its current pace, analysis suggests it could absorb up to 2% of XRP’s liquid supply within a year, potentially dampening retail-driven volatility and reinforcing the asset’s price depth.
The Evernorth Treasury Model
Evernorth represents a new breed of digital-asset treasury designed to provide investors with direct XRP exposure through traditional equity markets. The company plans to list on Nasdaq via a special-purpose acquisition company (SPAC) merger valued at $1 billion, backed by $200 million from SBI Holdings and additional support from Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. This substantial institutional backing underscores the credibility of Evernorth’s approach.
Unlike passive holding strategies, Evernorth’s model blends corporate balance-sheet strategy with blockchain yield generation. The company intends to actively deploy its XRP holdings through lending, liquidity provision, and participation in DeFi yield programs, aiming to grow XRP per share over time. This active-treasury approach draws direct 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, explained the strategic rationale: “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.” This statement reflects the company’s dual focus on financial returns and ecosystem development, positioning Evernorth as both an investor and participant in XRP’s broader adoption narrative.
Broader Institutional Momentum Builds
Evernorth’s entry coincides with growing institutional momentum for regulated XRP investment products. 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 barely a month after launch. This milestone reflects increasing institutional appetite for compliant XRP vehicles following Ripple’s legal victories, which have provided greater regulatory clarity.
The institutional interest extends beyond dedicated financial vehicles, with multiple companies announcing XRP treasury strategies. Trident Digital Tech Holdings plans up to $500 million in XRP allocation, Webus International has filed for up to $300 million, and VivoPower International plans approximately $100 million for yield generation through staking and lending. These announcements, alongside smaller commitments from companies like Wellgistics Health and Nature’s Miracle Holding, indicate a broadening corporate acceptance of XRP as a treasury asset.
Enthusiasm also extends to prominent crypto traders, with James Wynn recently announcing plans to allocate a “significant portion” of his portfolio to XRP, calling it a transformative bet on global payments infrastructure. While his projection of XRP reaching $500 per coin and central banks using its premine to offset the $38 trillion US debt represents extreme optimism, it highlights the cultural persistence of XRP’s “underdog” status even as institutional validation grows. This combination of measured institutional accumulation and community enthusiasm creates a unique market dynamic for XRP’s continued evolution.
📎 Related coverage from: cryptoslate.com