Ripple Backs Crypto Treasury That's Raising Over $1 Billion to Buy XRP

Core Insights - Ripple is supporting a new publicly traded XRP treasury firm named Evernorth, which aims to raise over $1 billion and has enlisted key Ripple backers for its initiative [1][2] - The deal is expected to close in Q1 2026, with net proceeds exceeding $1 billion primarily intended for purchasing XRP on the open market [2] - Evernorth's strategy includes generating returns for shareholders while enhancing XRP's utility and adoption, maintaining independent governance but receiving strategic advisory from Ripple executives [3][4] Company Strategy - Evernorth aims to capitalize on traditional finance yield generation strategies and explore decentralized finance (DeFi) yield opportunities, contributing to the growth of the XRP ecosystem [3] - The firm plans to engage in validator operations, DeFi, and market development by providing liquidity and participating in projects that advance XRP [5] - Evernorth's $1 billion XRP treasury would position it as the largest publicly traded XRP reserve, with other firms also planning significant XRP acquisitions [6]