XRP treasury firm trend grows as Evernorth, backed by Ripple Labs, enters the arena

The fifth-largest cryptocurrency by market cap, XRP, is getting a new treasury firm: Evernorth.

The firm will list on the Nasdaq and expects to raise over $1 billion in gross proceeds from SBI, Ripple Labs, Pantera Capital, Kraken, and GSR, according to a press release. Chris Larsen, cofounder and executive chairman of Ripple, also announced investing 50 million XRP tokens worth $124.5 million. Net proceeds are dedicated for open-market acquisitions of XRP.

Evernorth joins a number of firms stockpiling XRP, such as VivoPower International, Trident Digital Tech Holdings, and Webus.

The announcement comes during a fragile period for crypto markets, but the latest news has boosted XRP’s price and the asset is back to flat over the last seven days.

More Crypto

See all Crypto

Sage D. Young

10/20/25

BitMine acquires an additional $820 million of ethereum

Meanwhile, investment management firm VanEck filed for a staked ethereum ETF with decentralized finance giant Lido.

Yaël Bizouati-Kennedy

Seeing Orange

10/20/25

Bitcoin bounces back over $110,000 as UK bitcoin ETFs launch

Last week, bitcoin ETFs in the US recorded over $1.2 billion in outflows, but this week things are looking up, with the UK launching its first spot bitcoin ETFs.

$1.2B

Yaël Bizouati-Kennedy10/17/25

Crypto liquidations reached $1.2 billion in the past 24 hours, according to CoinGlass data, as bitcoin continued its downward trajectory. Bitcoin suffered $458.24 million in liquidations, with the bulk of them — over $334 million — in long positions. Meanwhile, the second-biggest crypto, ethereum, saw the second-biggest figure for liquidations yesterday, with $278 million.

Bitcoin slipped as far as $103,856 early Friday morning, its lowest level since July, and is down 13% in the past seven days. The sell-off dragged the total crypto market cap down to $3.67 trillion, down 5.5%. Underscoring the market anxiety, CoinMarketCap’s fear and greed index is now at 28.

Bitcoin ETFs also suffered, registering $536 million in outflows on Thursday. The Ark 21 Shares Bitcoin ETF took the biggest hit, with $275.15 million in outflows. Since Monday, bitcoin ETFs have seen $864.5 million in outflows.

Maja Vujinovic, CEO and cofounder of digital assets at FG Nexus, told Sherwood News that bitcoin’s slump looks like a classic risk-off chain reaction.

“Credit jitters and trade tensions pushed money into gold at record highs while leveraged crypto longs were forced to unwind. Once the liquidations exhaust and policy fog clears, the same macro buyers chasing safety today are likely to hunt value in BTC again,” Vujinovic said.

Sage D. Young

10/16/25

SharpLink Gaming announces $76.5 million capital raise and potential to more than double that

An analyst noted that “flows and positioning, not fundamentals, are shaping the ETH story right now.”

Yaël Bizouati-Kennedy

Desperately Seeking Uptober

10/16/25

Bitcoin drops below $110,000, while treasuries slow down acquisitions

Glassnode analysts wrote that “the market is in a reset phase.”

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.