Evernorth, a brand new XRP treasury agency, has thus far raised 261 million XRP tokens on its journey to determine the biggest XRP treasury on the earth.
Recall that, on Oct. 20, Evernorth, a digital asset firm based by former Ripple government Asheesh Birla and backed by Ripple, revealed plans to merge with Armada Acquisition Corp II, a particular goal acquisition firm.
As reported by The Crypto Primary, the merger will wrap up within the first quarter of 2026, with the mixed firm debuting on Nasdaq below the ticker XRPN. Via this deal, Evernorth plans to safe funding from traders akin to Ripple, SBI, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen to determine the world’s largest XRP treasury.
Evernorth Secures $639M in XRP
Whereas the merger is ready to conclude subsequent yr, on-chain information exhibits that Evernorth has been receiving tens of millions value of XRP on the journey to determine its treasury. Notably, XRPL dUNL validator Vet referred to as consideration to this development, mentioning the entities which have contributed to the push thus far.
Evernorth has now 261M XRP. Who has despatched XRP thus far?
> Ripple ship two funds, 211M and 319k XRP
> Chris Larsen despatched 50M XRP
> Uphold trade acc despatched 199k XRP
> Jana label 🏷️ acc despatched 300k XRP
That is all in XRP, no stables. pic.twitter.com/vyqzl7d9vf
— Vet 🏴☠️ (@Vet_X0) October 23, 2025
Particularly, information from XRPScan, an XRPL explorer, confirms that the Evernorth (1) deal with, activated by BitGo self-custody on Oct. 17, has acquired precisely 261.919 million XRP value over $639 million as of press time.
The deal with acquired these tokens between Oct. 20 and 24, with a number of entities contributing their quota. Among the many contributors are Ripple Chairman Chris Larsen, Ripple Labs, American trade Uphold, and a pockets labeled as Jana.
Notably, Larsen was the primary to switch to the deal with, shifting 50 million XRP to Evernorth on Oct. 20 at 15:40 UTC. This transaction first triggered selloff fears following a disclosure from CryptoQuant analyst Maartunn, however The Crypto Primary confirmed that the fund circulation was truly a part of the Evernorth fundraiser marketing campaign.
After Larsen, Uphold transferred roughly 200K XRP to the Evernorth deal with on Oct. 21 at 09:49 UTC. Following the Uphold transaction, Ripple moved 319,095 XRP to Evernorth on Oct. 23 at 16:11 UTC after which despatched a further 211 million XRP at 16:48 on the identical day, totaling 211.3 million tokens. In the meantime, the Jana deal with transferred roughly 300K XRP in two transactions on Oct. 23.
Present Holdings Not A part of the $1B Fundraiser
It bears mentioning that the entire 261 million XRP acquired by Evernorth thus far have been in XRP tokens, with no contributor sending stablecoins. In consequence, critics like the self-acclaimed “Rip-off Detective” have argued that the fundraising for the XRP treasury is not going to result in any shopping for strain on XRP, since Evernorth is not going to be buying many of the tokens.
Nevertheless, XRP neighborhood determine WrathofKahneman (WOK) identified that the XRP contributions from Ripple and Larsen usually are not a part of the proposed $1 billion in money that Evernorth plans to leverage for the XRP purchases.
#Ripple & Larsen’s 350m #XRP are separate from the $1b money raised to purchase XRP by Evernorth. It is the starter equipment.
$200m from SBI,
$200m elective from Ripple,
$600m from PIPE/public traders make up the $1 billion, which can be used to buy XRP inside 10 days after the… pic.twitter.com/0AWk1WFOVD— WrathofKahneman (@WKahneman) October 22, 2025
In response to WOK, the $1 billion fundraiser will comprise $200 million from Japanese monetary large SBI Group, an elective $200 million contribution from Ripple, and $600 million from public traders. Apparently, SBI has already formally confirmed its $200 million contribution.
DisClamier: This content material is informational and shouldn’t be thought-about monetary recommendation. The views expressed on this article might embody the writer’s private opinions and don’t replicate The Crypto Primary opinion. Readers are inspired to do thorough analysis earlier than making any funding selections. The Crypto Primary isn’t accountable for any monetary losses.
