- Evernorth Holdings bought approximately 388.7 million XRP at an average price of US$2.44, accumulating roughly 95% of its target.
- The company aims to provide institutional and retail investors with regulated, liquid XRP exposure.
- Meanwhile, the REX-Osprey XRP ETF (XRPR) launched successfully with over US$100 million in net inflows within six weeks, using a hybrid model structure that expedited regulatory approval.
- Other XRP ETF applications remain on hold due to SEC emergency operations during the US Government shutdown, while a Solana ETF outperformed XRPR’s first-day trading figures.
As reported last week, Evernorth Holdings has made moves on its XRP treasury idea. Just days after announcing it would merge with Nasdaq-listed SPAC Armada Acquisition Corp II – which will trade under the ticker XRPN in early 2026 – the company has already bought XRP.
And it’s made great progress: the company has purchased 95% of its US$1 billion (AU$1.5 billion) target. According to CryptoQuant, Evernorth Holdings bought 388,710,606.03 XRP at an average price of US$2.44 (AU$3.70), making the acquisition worth roughly US$948,453,878.71 (AU$1.43 billion).
CEO Asheesh Birla, who previously worked for Ripple, said the goal is to give “institutional and public investors simple, regulated, liquid exposure to XRP.” The project is supported by Ripple, SBI Group, Kraken, Pantera Capital and Arrington Capital.
XRP has posted weekly gains of 8%, outpacing other top-ten cryptos. At the time of writing, the third-largest crypto – excluding stablecoins – was trading at US$2.62 (AU$3.97).
Related: Ripple Acquires Hidden Road and Relaunches It as Ripple Prime, Hints New XRP Utilities
New XRP ETFs on Hold as First Fund Receives Millions
Meanwhile, applications for XRP exchange-traded funds (ETFs) are on hold as the US Securities and Exchange Commission (SEC) operates at emergency capacity amid the ongoing US government shutdown.
However, one XRP spot ETF is already live: the REX-Osprey XRP ETF (XRPR). According to REX Shares, the fund saw over US$100 million (AU$151 million) in net inflows within its first six weeks of trading.
XRPR does provide spot exposure to XRP by holding the underlying crypto (or equivalent exposure) through a regulated ETF wrapper. However, it isn’t a “pure spot” structure – it uses a hybrid model, with at least 80% of its net assets invested in XRP or other assets providing exposure to the “reference asset”.
Related: XRP Dispute Prompts Indian Court to Order WazirX Bank Guarantee After US$235M Hack
Impressive Flows Into ETF, But Competitor Beats XRPR
XRPR reached the market ahead of many others by using a regulatory structure (the 1940 Act) that allowed a faster launch and built in safeguards – such as its hybrid holdings – likely reducing regulatory friction.
While its first-day trading volume was impressive at US$35 million (AU$53 million), the crown for the best-starting ETF of 2025 goes to a Solana ETF. BSOL amassed US$56 million (AU$85.8 million) on its first trading day, outshining all other ETFs – not just crypto funds.
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