Evernorth Holdings owns 388.7 million XRP. This is the equivalent of nearly $993 million and represents 95% of the cryptocurrency’s planned coffers. This was reported by analysts at CryptoQuant.

Experts noted that the company is now preparing to go public through a merger with SPAC company Armada Acquisition Corp II. Evernorth’s goal is to raise more than $1 billion to further replenish the XRP reserve.

CryptoQuant added that Evernorth has invested more than $947 million in the reserve, and recorded an unrealized gain of about $46 million in four days. The average cost to buy one XRP was about $2.44.

Note, at the time of writing, the asset is trading near the $2.65 mark:

Recall, earlier Bloomberg said that Ripple Labs plans to raise $1 billion for XRP-reserve.