Evernorth Holds 261M XRP; Larsen Contributes 50M

Evernorth, an institutional vehicle backed by Ripple and investors including SBI, Pantera, GSR and Kraken, has amassed about 261 million XRP (roughly $639 million) toward a $1 billion goal to create the world’s first publicly traded XRP treasury, with Ripple contributing 211,319,000 XRP and Ripple co‑founder Chris Larsen contributing 50 million XRP. The firm plans to list on Nasdaq via a SPAC merger with Armada Acquisition Corp II (AACI) under ticker XRPN, aiming to raise over $1 billion and expecting the deal to close in early 2026 pending approvals. Evernorth says it will use proceeds to enhance XRP liquidity and offer regulated exposure through integration of the RLUSD stablecoin to enable regulated DeFi services on the XRP Ledger, and CEO Asheesh Birla has said treasury proceeds will be used to compound value by acquiring additional XRP. The initiative has backing from Ripple leadership, including CEO Brad Garlinghouse, and major institutional investors. Separately, MicroStrategy purchased 390 BTC between Oct. 20–26 for $43.4 million, bringing its holdings to 640,808 BTC, underscoring a broader institutional trend of building large on‑balance‑sheet crypto treasuries.