Ripple is currently heated on Ethereum’s heels as more XRP treasuries emerge. This follows Evernorth announcement that it plans to raise over $1 billion, which it will utilize to purchase XRP as its main reserve asset.
There are currently 11 XRP treasury companies
Cryptocurrency researcher BD revealed in Post X that there are currently 11 XRP treasury companies. Evernorth is on track to become the largest public holder of XRP thanks to a proposed $1 billion raise. The company is backed by Ripple, which made some of its contributions XRP holdings to set up a treasury.
Meanwhile, BD mentioned other XRP treasuries and how many coins they own or plan to buy. Trident is the second largest XRP treasury with $500 million in assets. The Webus treasury is worth $300 million VivoPower purchased $121 million in XRP and plans to stake some of it in Flare for profit.
Wellgistics is the fifth largest XRP vault having committed $50 million to purchase XRP, while Hyperscale has $10 million in XRP reserves. Everything Blockchain has also committed $10 million to its XRP vault and plans to stake it in Flare for profits. Japanese company Gumi also revealed plans to commit $17 million to purchases between now and February next year.
Gumi also recently revealed that it is investing $5 million in PIPE Evernorth, contributing to the Ripple-backed company’s proposed $1 billion raise. It is worth noting that the company ranks sixth among XRP treasury companies in terms of the amount it plans to spend on purchasing XRP. Worksport, BC Bud, and Digital Comm are the remaining XRP treasury holdings of $5 million, $250,000, and $225,000, respectively.
Ripple still behind Ethereum in terms of XRP treasury companies
Despite Ripple’s efforts, it is worth mentioning that the number of XRP treasuries is still lower than the number of Ethereum treasuries. Strategic data on ETH reserves shows that there are currently 69 ETH treasuries, well ahead of the 11 existing XRP treasuries. These Ethereum treasury companies they hold a total of $22.99 billion in ETH, which is almost 5% of the altcoin’s total supply.
Meanwhile, XRP treasury companies listed on BD only hold about $2 billion in XRP, including Evernorth, which has declared its intention to purchase XRP. Regardless, this is positive for XRP as these treasuries could create a supply shock for the altcoin as they accumulate more coins. Other XRP treasuries are also expected to emerge, which could trigger significant price increases XRP price.
At the time of writing, XRP is trading around $2.39, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from Peakpx, chart from Tradingview.com
Editorial process for bitcoinist is focused on providing thoroughly researched, correct and unbiased content. We adhere to demanding sourcing standards, and each page is carefully reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
