XRP Holdings and Institutional Investments: A New Era
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New Developments in XRP Treasury Holdings
Prominent attorney Bill Morgan recently uncovered another significant player in the realm of XRP holdings. Following the revelation of Evernorth—a treasury firm with an impressive $1 billion in XRP holdings—Morgan spotlighted a new contender. According to a U.S. Securities and Exchange Commission (SEC) filing, Virtu Financial, a company with a market cap exceeding $5 billion, has amassed 22 million XRP, valued at over $55 million at current market rates.
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Virtu Financial, a global powerhouse in financial services, specializes in market-making and execution services. It offers liquidity across diverse asset classes, including equities, ETFs, fixed income, commodities, and derivatives. Despite holding substantial XRP reserves, Virtu’s performance this year has been lackluster, with its stock dipping over 2% year-to-date (YTD). However, a recent uptick of over 3% in the past five days offers a glimmer of hope.
Ripple-Backed Evernorth: A Major Treasury Force
Evernorth has emerged as a formidable force in the XRP treasury landscape. XRPScan data reveals that this company currently commands a staggering 388.7 million XRP, valued at nearly $1 billion. Evernorth, backed by Ripple, aims to establish the largest treasury, with intentions to raise over $1 billion from investors, including Ripple, Kraken, Pantera Capital, and GSR.
As part of its strategic growth plan, Evernorth is set to make its debut on the Nasdaq. The company’s listing will occur through a business combination agreement with Armada II, which recently changed its ticker to XRPN, reflecting this new venture.
Institutional Interest in XRP: A Growing Trend
The landscape of XRP investments is witnessing a surge in institutional interest. Canary Capital’s upcoming XRP ETF launch is a testament to this trend. The asset manager has filed an amendment to expedite its fund’s launch, slated for November 13. This move mirrors Canary Capital’s recent introduction of its Hedera and Litecoin ETFs.
Despite this institutional enthusiasm, long-term XRP holders are capitalizing on the current market conditions. On-chain analytics from Glassnode indicate that these holders, who accumulated their tokens before November 2024, have increased their spending significantly—from $38 million to $260 million daily. This trend suggests that experienced traders are cashing out, exerting downward pressure on the altcoin’s price.
XRP Price Dynamics
As of this writing, XRP is trading at approximately $2.51, marking a 2% increase in the last 24 hours, according to CoinMarketCap data. This price movement reflects the ongoing volatility and investor sentiment surrounding the altcoin.
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