In recent developments, acclaimed cryptocurrency attorney Bill Morgan has announced the discovery of another firm accumulating a substantial cache of XRP. This follows the rise of Evernorth, a company that has reportedly amassed over $1 billion in XRP, further solidifying interest in this digital asset.
New Players in the XRP Ecosystem
According to a recent social media post, an SEC filing by Virtu Financial indicates a notable presence of XRP on their financial statements. With a market capitalization exceeding $5 billion, this firm holds approximately 22 million XRP, equating to over $55 million based on current valuation. Morgan emphasizes the positive financial standing of the company, which may bode well for the future of XRP.
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Virtu Financial is recognized as a global powerhouse in the financial services sector, offering market-making and execution services. It specializes in ensuring liquidity across various asset classes such as equities, ETFs, fixed income, commodities, and derivatives.
Recent statistics from Crypto Treasury Tracker place Virtu among the top 10 entities holding XRP, positioned closely behind Wellgistics Health. It’s worth noting that despite its XRP holdings, Virtu has seen a slight dip, with TradingView revealing a 2% decline in its stock year-to-date. However, there’s been a recent uptick of over 3% in the past week, indicating some market resilience.
This news comes in tandem with Evernorth, a Ripple-backed initiative, which aims to establish itself as the largest treasury in the crypto sphere. Currently, Evernorth’s holdings stand at an impressive 388.7 million XRP, valued at nearly $1 billion, a significant milestone for the ecosystem. Previous plans have indicated that they aim to secure upwards of $1 billion in investments from high-profile backers including Ripple, Kraken, and Pantera Capital.
The upcoming public listing of Evernorth on the Nasdaq is also notable. Through a merger with Armada II, the company is changing its ticker symbol to XRPN, marking a new era of corporate finance intertwined with cryptocurrency.
Institutional Interest in XRP Grows
The anticipation surrounding the upcoming launch of the Canary Capital XRP ETF is fostering further institutional interest in XRP. The asset manager is poised to launch the fund on November 13, following amendments that expedite the approval process. This mirrors the successful rollout of ETFs for other cryptocurrencies such as Hedera and Litecoin earlier this week.
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Despite the institutional accumulation, a concerning trend has emerged among long-term holders, many of whom are divesting their holdings. On-chain analytics platform Glassnode reported a staggering 580% increase in spending by holders who bought before November 2024, escalating from $38 million daily to $260 million. This trend indicates a strategic exit by seasoned investors, contributing to pressure on the overall price of XRP.
As of this writing, XRP is trading at approximately $2.51, having seen an increase of over 2% in the previous 24 hours, according to CoinMarketCap statistics.
