Evernorth Holdings, a newly formed Nevada-based crypto firm backed by Ripple Labs, has announced it raised over $1 billion to buy XRP on the open market within 10 days. This means Ripple and Larsen’s 350 million XRP holdings remain separate from this purchase.
This $1Billion fund is being described as a “starter kit” for institutional accumulation.
$1B Funding Breakdown: SBI and Ripple Lead the Round
The structure of the $1 billion funding round reflects a mix of strategic and institutional participation:
- $200 million contributed directly by SBI Holdings, Ripple’s long-term Asian partner.
- $200 million optional commitment from Ripple Labs and its affiliated foundation, Rippleworks.
- $600 million sourced through a PIPE (Private Investment in Public Equity) and retail–public offering managed by Armada Acquisition Corp II, the SPAC partner facilitating Evernorth’s Nasdaq listing.
SBI confirmed in an official release that its contribution will fund direct XRP purchases “to build one of the world’s largest public XRP treasuries” audited under regulated financial reporting standards.
XRP Purchases to Begin Within 10 Days
According to XRP community analyst WrathofKahneman, once the funds are released, Evernorth plans to start buying XRP tokens within 10 days across multiple exchanges.
The purchased XRP will be kept in a regulated, insured, and independently audited custody, following U.S. and international financial rules.
The new funds will be used only for buying XRP and supporting ecosystem growth through the Evernorth platform, which is expected to trade on Nasdaq under the ticker XRPN in early 2026.
Ripple and Larsen’s 350M XRP Remain Separate
Despite Ripple’s strategic involvement, company financial filings confirmed that the $1 billion managed through Evernorth is entirely separate from Ripple and co-founder Chris Larsen’s 350 million XRP, which will not be used in the new vehicle.
These holdings stay on Ripple’s balance sheet and Larsen’s personal accounts, keeping the public fund independent from their direct control.
Market analysts consider the $1 billion open-market XRP purchase among the largest in the token’s history, comparable to major institutional Bitcoin acquisitions during past bull cycles.
Following Evernorth’s funding disclosure, XRP surged slightly and is currently trading near $2.40.
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