Software engineer and crypto investor Vincent Van Code has shared his perspective on the recent developments surrounding Evernorth's XRP treasury and its potential impact on institutional adoption of XRP.
In a detailed analysis shared on X, Van Code highlighted that while Evernorth’s $1 billion XRP treasury initiative represents a significant advancement, it also brings to light the persistent challenges institutions face when attempting to directly purchase and hold XRP.
Barriers to Direct XRP Custody for Institutions
According to Van Code, major corporations and investment funds with substantial capital cannot simply establish cryptocurrency wallets or self-custody large quantities of XRP. He stated that large companies are not going to set up a Ledger or Xaman wallet and deposit $100 million.
He further elaborated that institutional investors require a comprehensive infrastructure that includes robust compliance protocols, auditing capabilities, and secure custody solutions. These elements collectively contribute to considerable annual operational costs. Van Code estimated that the cost to hold cryptocurrency securely, including custody, audit, and compliance, could add approximately $300,000 per year.
These significant hurdles make direct exposure to XRP a less practical option for traditional financial entities that are seeking regulated and transparent pathways to engage with the digital asset market.
What I am realizing with the new @evernorthxrp announcement and stagnant XRP price is that it might be harder than we think for institutions to buy and hold XRP.
— Vincent Van Code (@vincent_vancode) October 21, 2025
Large companies aren’t going to simply setup a Ledger or Xaman wallet and drop $100M in there.
They want custody,…
Evernorth and ETF Models Provide Viable Alternatives
Van Code proposed that indirect exposure through regulated investment vehicles, such as Evernorth's offerings or potential XRP exchange-traded funds (ETFs), could effectively address this accessibility gap.
He suggested that these alternative structures, which provide exposure to XRP, represent the most promising approach. This includes investment models where investors can gain XRP exposure by acquiring shares in companies that hold the asset, or through future ETF products.
Evernorth's forthcoming Nasdaq listing, under the ticker XRPN, is designed to offer precisely this type of indirect exposure. It aims to enable both institutional and retail investors to participate in XRP's market performance without having to navigate the complexities associated with direct custody.
Optimistic Outlook for XRP's Institutional Future
Despite XRP's price remaining relatively stable in recent weeks, Van Code expressed that the current developments make him "super bullish now, even more than before." He views Evernorth's initiative, coupled with the increasing probability of regulated XRP investment products, as critical factors that will drive future institutional demand.
He emphasized that the involvement of institutions through compliant investment structures has the potential to stimulate substantial long-term capital inflows into the XRP ecosystem.
Conclusion
Vincent Van Code's analysis brings to light a crucial aspect of the digital asset market that is often overlooked: institutional demand is contingent not only on market interest but also on the availability of accessible and compliant infrastructure.
As Evernorth's XRP treasury model and the potential for XRP-linked ETFs continue to develop, the pathway to broader institutional adoption may increasingly rely on traditional financial instruments rather than direct interaction with the blockchain itself. These instruments are being designed to facilitate such access.