Evernorth Holdings, with backing from Ripple, has accumulated 388.7 million XRP, a significant holding valued at over $1 billion. This accumulation is a key component of its strategy to launch a publicly traded XRP treasury vehicle on Nasdaq, which will trade under the ticker XRPN.
Since its institutional debut on October 20, the company has been actively strengthening its market position. This activity has contributed to a notable increase in XRP's value, helping to boost the cryptocurrency by 8.6% and adding approximately $13 billion to its overall market capitalization.
Leadership and Funding
Asheesh Birla, a seasoned executive from Ripple, is at the helm of Evernorth, serving as both CEO and chair of the board. The firm has secured substantial funding from a prominent group of investors, including Ripple itself, SBI Group, Rippleworks, Arrington Capital, Pantera Capital, and Kraken.
Market Strategy and Regulatory Landscape
Evernorth's strategic objective is to leverage the growing market interest in spot XRP Exchange-Traded Funds (ETFs) within the United States. However, the company's progress and the broader XRP market may be subject to delays, particularly concerning regulatory decisions. The Securities and Exchange Commission (SEC) could postpone its rulings, a situation that might be exacerbated by a partial government shutdown. Evernorth continues to monitor the evolving regulatory landscape for XRP, anticipating that greater clarity will pave the way for large-scale institutional adoption and enhance market liquidity.