The average purchase price is $2.44 per XRP.
It aims to become the publicly traded company with the most XRP in its treasury.
Evernorth Holdings Inc., an American company created to promote institutional adoption of the XRP cryptocurrency, has surpassed the 380 million XRP mark in its treasury.
With this accumulation, the firm approaches the 95% of your goal of tenure, according to CryptoQuant data. This is in line with their goal of become the publicly traded company with the largest amount of XRP on its balance sheet.
The company is seeking to go public through a merger with special purpose acquisition company (SPAC) Armada Acquisition Corp II, a plan that seeks to raise more than $1 billion in gross funds to expand its XRP reserve.
In this context, the company has already invested $947 million in the acquisition of XRPthus approaching the initial capitalization target, as seen in the following graph.
The average purchase price for its purchases is $2.44 per XRP. This level of average acquisition cost could establish a key benchmark for the future market valuation of Ripple’s digital asset.
Unlike a passive investment product, Evernorth’s strategy is active: it plans to generate returns from its XRP holdings. It will do so by providing loans to institutions and participating in liquidity provision strategies in the decentralized finance (DeFi) sector.
As reported by CriptoNoticias, the management of the firm falls to Asheesh Birla, former senior executive at Ripple, who will guide the institutional adoption strategy. Although Evernorth will operate with autonomy in its governance, Ripple is participating in the project as a strategic investor. In addition, Company executives, including CEO Brad Garlinghouse, will provide strategic advice to the new entity.