On Oct. 27, blockchain analytics platform CryptoQuant reported that Evernorth spent roughly $947 million acquiring 388.7 million XRP during its first week of operation. This effectively completes about 95% of the firm’s $1 billion XRP purchase target.
Interestingly, the aggressive accumulation has contributed to the token’s recent 6% rise to a high of $2.64 in the past week.
At the current market prices of $2.61, Evernorth has over $75 million in paper profits because its average entry price was $2.44.
If Evernorth maintains its current pace, CryptoSlate analysis estimates it could absorb up to 2% of XRP’s liquid supply within a year. This would significantly dampen retail-driven volatility and potentially reinforce the asset’s price depth.
Evernorth is a publicly traded digital-asset treasury designed to give investors direct exposure to XRP through traditional equity markets.
The company plans to list on Nasdaq via a special-purpose acquisition company (SPAC) merger valued at $1 billion. This deal is supported by $200 million from SBI Holdings and additional backing from Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
That active-treasury approach draws comparisons to MicroStrategy’s Bitcoin playbook, where consistent accumulation tightened supply and created a proxy equity vehicle for crypto exposure.
“This approach is designed to generate returns for shareholders while supporting XRP’s utility and adoption. It’s a symbiotic model: our strategy is designed to align with the growth of the XRP ecosystem.”
The timing of Evernorth’s entry coincides with growing momentum for regulated XRP investment products and treasury buys.
The milestone reflects the increasing institutional appetite for compliant XRP vehicles following Ripple’s legal victory.
Meanwhile, enthusiasm extends beyond these institutional financial vehicles, as XRP also captures the interests of prominent crypto traders.
He believes this scenario would create a “whole new financial system,” that places “Ripple at the centre of everything.”
This projection reflects how deeply the asset’s narrative still grips 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.
