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Less than a week after its debut, Evernorth, a newly formed XRP-focused treasury company, has emerged as one of crypto’s most profitable institutional entrants. The firm’s swift accumulation of nearly $1 billion worth of XRP has already generated an estimated $75 million in unrealized gains, signaling that Wall Street’s quiet pivot toward the token may already be underway. The $1 billion XRP accumulation 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. Evernorth XRP Holdings (Source: CryptoQuant) Notably, this aggressive, publicly documented buying streak is unprecedented for an altcoin outside Ethereum, and Solana, highlighting how fast institutional sentiment toward XRP is changing. Interestingly, the aggressive accumulation has contributed to the token’s recent 6% rise to a high of $2.64 in the past week. According to CryptoSlate’s earlier modeling, XRP was expected to reach this price level if the large-scale institutional buyer entered the market aggressively. This forecast appears to have materialized now. At the current market prices of $2.61, Evernorth has over $75 million in paper profits because its average entry price was $2.44. XRP’s Unrealized Price (Source: CryptoQuant) 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. How Evernorth works 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. Its model blends corporate balance-sheet strategy with blockchain yield generation. Instead of merely holding tokens, Evernorth intends to lend, provide liquidity, and participate in DeFi yield programs that would help to grow XRP per share over time. 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. Asheesh Birla, CEO of Evernorth, said: “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.” Strong institutional momentum The timing of Evernorth’s entry coincides with growing momentum for regulated XRP investment products and treasury buys. Other XRP treasury company plans Company Ticker Announced