Evernorth Holdings made a $1 billion XRP purchase.

One of the notable developments in the crypto market recently is the $1 billion XRP purchase made by Evernorth Holdings, a corporate treasury company supported by Ripple. The company has accumulated approximately 389 million XRP, successfully raising the value of its portfolio to this large figure, thus becoming one of the largest holders of XRP.

The strategic investments of Evernorth Holdings are seen as an important step towards the renewed corporate interest in the crypto market. According to CryptoQuant data, as of October 27, Evernorth has made an investment of approximately $947 million in XRP. Currently, the price of XRP hovers around $2.6, and in this situation, the company's portfolio has provided a profit of over $50 million that has not yet been realized.

Evernorth Holdings is in a strong position thanks to its close ties with Ripple. The company is particularly noted for having Asheesh Birla, a former executive at Ripple, as its CEO. Additionally, key figures such as Ripple CEO Brad Garlinghouse, Chief Legal Officer Stuart Alderoty, and Chief Technology Officer David Schwartz are expected to join the company as strategic advisors. Ripple co-founder Chris Larsen is also among the investors.

There are indications that Ripple Labs is working on a new XRP-focused treasury initiative parallel to Evernorth. This initiative aims to raise at least $1 billion in funding through a special purpose acquisition company (SPAC) and to use Ripple's own XRP reserves as backing. These developments stand out as important points for investors to monitor.