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.
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
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Author: Oluwapelumi Adejumo
