Ripple-supported new digital asset company Evernorth Holdings has accumulated $1 billion worth of XRP tokens as part of its XRP treasury strategy.
According to data from digital asset analysis platform CryptoQuant, as of Monday, Evernorth holds 388.7 million XRP.
As of the time of publication, the price of XRP is above $2.60, and the total value of the company's holdings has surpassed $1 billion. This significant milestone was achieved just days after Evernorth officially launched its institutional-grade XRP adoption tool on October 20.
Data from CoinGecko shows that after Evernorth announced its launch last week, XRP rose by 8.6%, with a market cap increase of approximately $13 billion.
With the existing $1 billion in XRP in its treasury, Evernorth is one step closer to launching a publicly traded XRP treasury product on Nasdaq under the XRPN code. CEO Asheesh Birla indicated this progress last week.
Birla has 12 years of experience working with Ripple. In October of this year, he resigned from the company's board and took on the role of CEO and chairman of Evernorth.
As part of its merger with Armada Acquisition Corp II, Evernorth is expected to raise at least $1 billion in total funding, including private investments from Ripple, Japan's SBI Group, the nonprofit foundation Rippleworks, and other institutions.
Evernorth's CEO added on Friday, "Our investors and leadership team are world-class, including SBI, Ripple, Arrington Capital, Pantera Capital, and Kraken, all of whom share our strong optimism for the future of XRP."
At the time of this announcement, anticipation for a spot XRP exchange-traded fund (ETF) in the U.S. market is growing. However, with the spot Hedera Hashgraph (HBAR) and Litecoin (LTC) ETFs expected to begin trading on Nasdaq today, the community speculates that the U.S. Securities and Exchange Commission may delay its decision on the XRP ETF again due to the government shutdown.
Related: As the probability of a Federal Reserve rate cut exceeds 98%, Bitcoin (BTC) prices begin to break through the $112,000 mark.
Original: “Ripple-supported Evernorth set to launch publicly traded XRP treasury fund”
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