Evernorth Holdings holds 389 million XRP, approaching 95% of its target

On October 27, according to data disclosed by Cryptoquant, Evernorth Holdings has accumulated a total of 388,710,606.03 XRP (approximately $994 million), becoming one of the major institutional investors in XRP. The company, supported by Ripple, plans to go public through a SPAC merger with Armada Acquisition Corp II (NASDAQ: AACI), aiming to raise over $1 billion to expand its XRP reserves. Currently, Evernorth has invested $947 million to build its reserves, achieving about $46 million in unrealized gains within just four days. The average purchase price of its XRP holdings is around $2.44.