Evernorth Bets $648M on XRP While the Token Pretends Not to Notice 📉

Evernorth, a newly formed XRP-focused treasury company, is moving ahead with a plan to raise up to $648 million through a business combination with Hydra Ventures — formerly known as the Blockchain Depository Trust Company — with the transaction expected to close in the first quarter of 2026. The deal's structure includes a $385 million private investment in public equity (PIPE) at $1.133 per share, a $250 million trust facility, and a previously announced $12.5 million private placement, bringing committed capital to roughly $648 million. Upon closing, Evernorth intends to list on Nasdaq under the ticker "XRPN" and channel the proceeds into acquiring XRP to build a structured treasury vehicle centered on the token.

The initiative is backed by an institutional lineup including Ripple, SBI Holdings, Pantera Capital, Kraken, GSR, and others, with Ripple Labs co-founder Chris Larsen participating through his venture arm. Alongside the financing, Evernorth has struck a $200 million committed share repurchase program with Ripple, meaning the public company will routinely buy back its own stock with Ripple-sourced capital as part of the arrangement.

Meanwhile, XRP is trading under pressure. The token hovered around $1.30, down roughly 6% over 24 hours at the time of writing, with market participants watching whether the broader corrective phase holds. Spot XRP exchange-traded funds also crossed a notable threshold, recording a 13th consecutive week of net inflows despite the recent pullback, even as new regulatory signals continue to shape sentiment around the asset.

Separately, Ripple Labs filed a complaint last month in the U.S. District Court for the Southern District of New York against a YouTube account impersonating its CTO, David Schwartz, with a Ripple spokesperson confirming the action to Crypto News Room.