Ripple is currently on the heels of Ethereum as more XRP treasury companies emerge. This follows Evernorth’s announcement that it plans to raise over $1 billion, which it will use to buy XRP as its primary reserve asset.
Crypto researcher BD revealed in an X post that there are currently 11 XRP treasury companies. Evernorth is on course to be the largest public XRP holder with its proposed $1 billion raise. The company is backed by Ripple, which contributed some of its XRP holdings to establish the treasury.
Meanwhile, BD mentioned the other XRP treasury companies and how many coins they hold or plan to buy. Trident is the second-largest XRP treasury company, with $500 million in assets. Webus’s treasury is worth $300 million, while VivoPower has purchased $121 million of XRP and plans to stake some of them in Flare for yield.
Wellgistics has the fifth-largest XRP treasury, having deployed $50 million to purchase XRP, while Hyperscale has $10 million in XRP reserves. Everything Blockchain also deployed $10 million for its XRP treasury and plans to stake it in Flare for yields. Japanese company Gumi has also revealed plans to deploy $17 million to buy, with these purchases expected to take place between now and February next year.
Gumi also recently revealed that it is investing $5 million in Evernorth’s PIPE, contributing to the Ripple-backed company’s proposed $1 billion raise. Notably, the company ranks sixth among XRP treasury companies by the amount it plans to deploy to buy XRP. Worksport, BC Bud, and Digital Comm are the remaining XRP treasury companies, holding $5 million, $250,000, and $225,000, respectively.
Despite Ripple’s efforts, it is worth mentioning that the number of XRP treasury companies is still below the number of Ethereum treasury companies. Strategic ETH Reserve data shows that there are currently 69 ETH treasury companies, way ahead of the 11 XRP treasury companies that currently exist. These Ethereum treasury companies hold a combined total of $22.99 billion in ETH, which represents almost 5% of the altcoin’s total supply.
Meanwhile, the XRP treasury companies BD listed hold just about $2 billion in XRP, including Evernorth, which has declared its intention to purchase XRP. Regardless, this marks a positive for XRP, as these treasury companies could trigger a supply shock for the altcoin as they accumulate more coins. Other XRP treasury companies are also expected to emerge, which could spark a significant rally for the XRP price.
At the time of writing, the XRP price is trading at around $2.39, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Peakpx, chart from Tradingview.com
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