Ripple-backed Evernorth has accumulated nearly 389 million XRP, valued at over $1 billion.

According to ChainCatcher, citing a report from Cryptobriefing, the newly established XRP financial firm Evernorth Holdings (which has close strategic ties with Ripple executives) has accumulated nearly 389 million XRP tokens.

Based on XRP's trading price of $2.6 at the time of writing, these holdings are valued at over $1 billion, making Evernorth one of the largest holders of the token. On-chain analyst JA Maartun from CryptoQuant reported that as of October 27, Evernorth had invested approximately $947 million in its asset reserves. Currently, this investment has generated more than $50 million in unrealized gains.