Evernorth Buys $1B in XRP Ahead of Nasdaq Debut

• Ripple-backed Evernorth acquires $1B in XRP at $2.44 average price.
  
• Firm plans Nasdaq listing under ticker “XRPN” via SPAC merger.
  
• XRP posts 10% weekly gain as institutional demand strengthens.

Ripple-backed Evernorth Holdings has made headlines with a massive $1 billion acquisition of XRP, marking one of the largest institutional accumulations of the cryptocurrency to date. The move underscores growing institutional confidence in XRP’s long-term utility and comes as Evernorth prepares for a public listing on Nasdaq.

Ripple’s Evernorth Makes a $1B Bet on XRP

According to CryptoQuant, Evernorth now holds 388.7 million XRP tokens, purchased at an average price of $2.44 per coin. With XRP currently trading near $2.66, the company’s holdings are worth roughly $1.03 billion, giving it an unrealized profit of about $85.5 million.

The acquisition highlights Evernorth’s intent to strengthen its position in the digital asset management space. Backed by Ripple, SBI Group, and Rippleworks, the company aims to become a bridge between traditional finance and the expanding XRP ecosystem.

Evernorth Eyes Nasdaq Listing Under ‘XRPN’

Evernorth officially launched on October 20 under the leadership of Asheesh Birla, a long-time Ripple executive. The firm is preparing to go public through a SPAC merger with Armada Acquisition Corp II, which could raise over $1 billion in funding. Once completed, Evernorth will trade under the ticker XRPN on Nasdaq—a major milestone for institutional-grade crypto exposure.

Birla described the launch as a “step toward institutionalizing the coin holdings,” suggesting the company’s strategy could catalyze a new wave of corporate engagement in the coin ecosystem.

Market Response and Investor Sentiment

Following the announcement, the coin rose from $2.60 to $2.66, posting a 10% weekly gain. Analysts believe this signals renewed optimism as the crypto market eyes potential XRP ETF approvals in the U.S.

Also Read: XRP Price Jumps 11% as Whales Accumulate — Can Ripple Break the $3 Barrier?

Market strategist Ether Nasyonal noted that XRP remains in a “multi-year reaccumulation phase” and could enter a parabolic growth phase once this structure breaks—potentially making XRP a top performer in 2025.

Evernorth’s billion-dollar purchase and upcoming Nasdaq debut mark a pivotal moment for Ripple’s ecosystem. The move not only reinforces XRP’s institutional appeal but also positions it as a potential frontrunner in the next market cycle.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

Andrew Chen

I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.