Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Evernorth, the first-of-its-kind institutional vehicle built to accelerate XRP adoption, is gaining traction.
Earlier this week, the Ripple-backed crypto venture announced it had entered a business combination agreement — a transaction expected to raise over $1 billion in gross proceeds, to create the largest public XRP treasury company on the Nasdaq under "XRPN."
Not only will the move create the biggest XRP treasury, but it also aims for the broad advancement of the XRP Ledger ecosystem, including Ripple USD stablecoin (RLUSD), which is expected to be utilized as an on-ramp in DeFi integration.
The XRP community expressed excitement about the move while keeping an eye on its progress.
261,819,198 XRP now held by Evernorth
Vet, an XRP Ledger dUNL validator, shares the progress made by the XRP-focused institutional vehicle.
In a tweet, Vet highlights a recent milestone reached by Evernorth, with over 261 million XRP now held. According to a screenshot shared by the XRPL validator, the XRP treasury now holds 261,819,198 XRP.
"Evernorth has now 261 million XRP. Who has sent XRP so far?" Vet tweeted, while outlining the participants in the funding round so far.
Vet highlighted that Ripple contributed two installments of 211 million XRP and 319,000 XRP; Ripple Chairman and Cofounder Chris Larsen participated with 50 million XRP, while Uphold invested 199,000 XRP; Jana Label invested 300,000 XRP.
At a current price of $2.39, the 261,819,198 XRP stash held by Evernorth is worth $625,747,883, which is more than halfway to the $1 billion target. Evernorth's transaction to raise $1 billion is expected to close in Q1, 2026.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team