At the Ripple Swell 2025 event held in New York City, Asheesh Birla, former executive at Ripple, unveiled his new venture, Evernorth. This initiative aims to bridge traditional finance with the decentralized economy through the use of the XRP Ledger (XRPL). Following key announcements at the event, Evernorth’s XRP holdings have surged to over $1 billion, reflecting a significant shift toward institutional adoption of digital assets.
Building on Ripple’s Legacy
During his presentation, Birla shared insights from his decade-long experience at Ripple, a company that has transformed from a small startup into a leading force in global payments. He remarked, “We started this nine years ago, and it’s amazing to see how far Ripple and the XRP ecosystem have come.” Birla emphasized that Ripple’s success stems from its collaboration with traditional financial institutions rather than competition. He credited the company’s commitment to regulation and compliance as essential to its achievements, stating, “Ripple proved that blockchain and banks could work together.”
Evernorth: A Regulated Digital Asset Treasury for Institutions
Evernorth is designed to streamline how institutional investors engage with XRP and other digital assets. Structured as a digital asset treasury (DAT), it combines the ease of traditional exchange-traded funds (ETFs) with the adaptability of blockchain-based assets. “We’re building a product that makes it as easy as adding a stock to your portfolio,” Birla explained. The platform enables investors to gain exposure to XRP and, in the future, to decentralized finance (DeFi), all while adhering to compliance and risk management standards.
In its initial phase, Evernorth will focus on generating yield through traditional finance mechanisms. Plans are underway to introduce DeFi-based yield products as the market develops. The overarching mission is to facilitate seamless and compliant institutional participation in digital assets, potentially paving the way for broader acceptance across the financial sector.
Regulation Fuels Institutional Momentum
Birla highlighted that the establishment of regulatory clarity has significantly influenced Evernorth’s launch timing. He referenced the passage of the Genius Act, which provided essential regulations for stablecoins and contributed to an 18% growth in the sector shortly after its approval. “Regulation has become a catalyst,” he noted, observing a marked increase in institutional interest. “The U.S. is finally in a position to lead globally in digital asset regulation.”
With clearer guidelines emerging in the United States, institutional investors are beginning to view XRP and other blockchain-based assets as credible portfolio options. This shift aligns with Evernorth’s goal of bridging traditional finance with DeFi.
Evernorth’s XRP Holdings
Evernorth has recently expanded its XRP holdings to over 473 million tokens, a total estimated to be worth nearly $1 billion. The company’s latest acquisition included an additional $214 million in XRP, with prices ranging from $2.36 to $2.53 per token. The acquisition was bolstered by Ripple’s affiliate, which purchased 50 million XRP, alongside the Arrington Fund’s addition of 211 million XRP. This accumulation ahead of Evernorth’s planned NASDAQ debut signifies strong confidence from institutional investors in the XRP ecosystem, particularly as regulatory clarity and blockchain infrastructure continue to evolve.
Long-Term Vision for DeFi
Evernorth’s long-term vision includes creating a sustainable connection between traditional finance and decentralized finance. Despite the inherent volatility of crypto assets, Birla remains optimistic about attracting lasting institutional involvement through responsible innovation. “This isn’t a ‘move fast and break things’ approach,” he remarked. “We’re talking about finance. We need to move responsibly and build for the long term.”
As Evernorth positions itself within the evolving landscape of digital assets, it aims to lead the way for institutional investors seeking compliant and innovative methods to engage with the growing world of cryptocurrency.
