Ripple-backed Evernorth now holds $1 billion in XRP
Ripple-backed Evernorth Holdings now holds nearly 389 million XRP, valued at over $1 billion, as it plans a public debut via a SPAC merger.Summary
Evernorth Holdings, an XRP-focused treasury company with strong ties to Ripple executives, has amassed nearly 389 million XRP tokens, now valued at over $1 billion given XRP's price of $2.6 at the time of reporting. This substantial holding has generated over $50 million in unrealized gains since its initial investment of approximately $947 million as of October 27th. Evernorth, led by CEO Asheesh Birla (a former Ripple senior executive), intends to go public through a SPAC merger with Armada Acquisition Corp II, aiming to raise over $1 billion to further expand its XRP treasury. Key Ripple executives, including Brad Garlinghouse and David Schwartz, are slated to become strategic advisors, and Ripple co-founder Chris Larsen is an investor.
(Source：Crypto Briefing)