Less than a week after its debut, Evernorth, a newly formed XRP-focused treasury company, has emerged as one of the most profitable institutional newcomers to crypto.
The company’s rapid accumulation of nearly $1 billion in XRP has already generated an estimated $75 million in unrealized profits, indicating that Wall Street’s quiet pivot to the token may already be underway.
The $1 billion XRP accumulation
On October 27, blockchain analytics platform CryptoQuant reported that Evernorth spent approximately $947 million acquiring 388.7 million XRP during its first week of operations. This effectively completes approximately 95% of the company’s $1 billion XRP purchase target.
This aggressive, publicly documented buying streak is notably unprecedented for an altcoin outside of Ethereum and Solana, highlighting how quickly institutional sentiment towards XRP is changing.
Interestingly, the aggressive accumulation has contributed to the token’s recent 6% rise to a high of $2.64 over the past week.
According to Crypto Slates Previous modeling expected XRP to reach this price level if the large-scale institutional buyer aggressively entered the market. This prediction now appears to be coming true.
At the current market price of $2.61, Evernorth has over $75 million in paper profits, because the average entry price was $2.44.
If Evernorth maintains its current pace, CryptoSlate Analysis estimates that it could absorb up to 2% of XRP’s liquid supply within a year. This would significantly dampen retail-induced volatility and potentially strengthen the asset’s price depth.
How Evernorth works
Evernorth is a publicly traded digital asset treasury designed to give investors direct exposure to XRP through traditional stock markets.
The company plans to list on the Nasdaq through a $1 billion Special Purpose Acquisition Company (SPAC) merger. This deal is backed by $200 million from SBI Holdings and additional support from Pantera Capital, Kraken, GSR and Ripple co-founder Chris Larsen.
The model combines corporate balance sheet strategy with blockchain revenue generation. Rather than just holding tokens, Evernorth plans to lend, provide liquidity, and participate in DeFi yield programs that would help grow XRP per share over time.
This active-treasury approach draws comparisons to MicroStrategy’s Bitcoin playbook, where consistent accumulation tightened supply and created a proxy equity vehicle for cryptocurrency exposure.
Asheesh Birla, CEO of Evernorth, said:
“This approach is designed to generate returns for shareholders while supporting the utility and adoption of XRP. It is a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”
Strong institutional momentum
The timing of Evernorth’s entry coincides with growing momentum for regulated XRP investment products and treasury purchases.
Other plans for XRP treasury companies
| Company | Ticker | Announced Allocation (USD) | Goal / Strategy | Status / Comments |
|---|---|---|---|---|
| Trident Digital Tech Holdings | TDTH | Up to $500 million | Large-scale XRP treasury; stake/generate revenue | Plan announced; implementation details pending |
| Webus International | WETO | Up to $300 million | Digital asset treasury focused on XRP | Filed SEC Form 6-K; conversion to holding companies unclear |
| VivoPower International PLC | VVPR | About. $100 million | Use XRP for returns via staking/loans | Announced treasury strategy |
| Wellgistics Health, Inc. | WGRX | $50 million | Treasury reserve + cross-border vendor payments using XRP | Announced in 2025; ownership status not fully public |
| Nature’s Miracle Holding Inc. | NMHI | $20 million | Diversification of the treasury; vertical agricultural technology activities | Plan announced; implementation probably partial |
| Hyperscale Data Inc. | GPUs | $10 million | Locked reserve and loan plans using XRP | Small-scale engagement |
| Work Sports Ltd. | WKSP | About. $5 million (six figures)† | Treasury + payment strategy using XRP (and BTC) | Previous disclosure; part of the “10 Companies Building XRP Treasuries” list. |
| Evernorth Holdings Inc. | (SPAC target XRPN expected) | Over $1 billion | Create the largest institutional XRP treasury through a public listing | Announced plans, backed by Ripple & SBI; SPAC merger pending |
| SBI Holdings | — | $200 million investment in Evernorth | Strategic support for large-scale XRP treasury initiative | Not a direct purchase from treasury bills alone; part of the support for Evernorth’s initiative |
Last week, asset manager REX-Osprey said confirmed that its XRPR ETF, the first US exchange-traded fund to provide direct exposure to
The milestone reflects increasing institutional interest in compliant XRP vehicles following Ripple’s legal victory.
Meanwhile, the excitement extends beyond these institutional financial instruments, as XRP also represents the interests of prominent crypto traders.
Crypto trader James Wynn recently announced plans to allocate a “significant portion” of its portfolio to XRP, calling it a transformative bet on global payments infrastructure.
In a separate post, he predicted that the price of XRP would reach $500 per coin and that central banks would use the premine to offset the US debt of $38 trillion.
He believes this scenario would create a “whole new financial system” that “puts Ripple at the center of everything.”
This projection reflects how deeply the asset’s story continues to grip the online crypto community. While such predictions are far from realistic, they highlight the cultural persistence of XRP’s “underdog” status even as institutional validation grows.
