Ripple-backed Evernorth Holdings has expanded its XRP accumulation strategy with a new $214 million purchase, reinforcing its ambition to build a large-scale institutional treasury around the token. The company said it bought an additional 84,365,876.3625 XRP at an average price of $2.53657058 per token, lifting its total purchased and committed holdings to more than 473,276,430 XRP.
Evernorth said the acquisition was funded with proceeds from a previously completed advanced funding private placement. The company framed the move as part of a long-term accumulation plan designed to expand regulated exposure to XRP through a publicly traded structure, giving traditional investors a more transparent entry point into the asset.
Building a Public XRP Treasury Vehicle
The Nevada-based firm is pursuing what it describes as the world’s largest publicly traded XRP treasury, with a target of accumulating more than $1 billion worth of XRP. Backed by Ripple and major crypto investors, the strategy is meant to offer regulated and transparent access to XRP through the listed stock XRPN.
The latest purchase comes after Evernorth’s business combination with Armada Acquisition Corp. II, a SPAC created in 2024 for mergers and reorganizations in the financial sector. That transaction, together with its financing activities, appears central to the company’s effort to scale its XRP holdings rapidly.
More Than a Passive ETF Approach
Rather than operating as a passive ETF-style vehicle, Evernorth plans to actively manage its treasury. In addition to open-market XRP purchases, the company said it intends to pursue yield generation through institutional lending, liquidity provisioning, and selected DeFi opportunities. The model is designed to create a long-term institutional treasury with compounding potential.
In its statement, Evernorth said continued accumulation reflects its conviction in XRP’s long-term importance. At the time referenced in the report, XRP was trading at $2.26, slightly below the company’s disclosed average purchase price.
Institutional Signal for the XRP Market
Ripple CEO Brad Garlinghouse and CTO David Schwartz have publicly endorsed the strategy, describing it as a first-of-its-kind institutional vehicle that could accelerate regulated XRP adoption across decentralized finance and capital markets. Analysts cited in the report view Evernorth’s aggressive expansion as a bullish signal, suggesting it may mark a broader institutional phase for XRP.