Another Major Holder of XRP Emerges in Financial Sector

Renowned attorney Bill Morgan has unveiled yet another entity that possesses a considerable stash of XRP on its balance sheets. This revelation comes on the heels of Evernorth, another company focused on treasury management, which has successfully amassed more than $1 billion worth of the cryptocurrency.

In a recent post on X, Morgan highlighted an SEC filing from Virtu Financial, indicating that the firm holds XRP assets on its balance sheet. Virtu, which boasts a market capitalization of slightly over $5 billion, currently owns 22 million XRP, valued at approximately $55 million based on current market prices. Morgan also pointed out that the financial health of the company appears robust, which bodes well for the cryptocurrency.

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Considered a key player in the financial services arena, Virtu specializes in market-making and execution services. The company is dedicated to providing liquidity across various global markets encompassing asset classes such as equities, ETFs, fixed income, commodities, and derivatives.

According to data compiled by Crypto Treasury Tracker, Virtu ranks among the top 10 largest XRP treasury holders, just behind Wellgistics Health. It's important to note that despite its substantial XRP holdings, Virtu has experienced a downturn this year, with TradingView data revealing that the company’s stock has declined over 2% year-to-date (YTD). Nonetheless, there's been a slight uptick of over 3% in the past week.

Interestingly, this announcement follows the recent rise of Evernorth, which is backed by Ripple and is on track to establish the largest treasury in the XRP ecosystem. As per XRPScan data, Evernorth currently holds 388.7 million XRP valued at nearly $1 billion, positioning it as the foremost XRP treasury holder. The company has previously announced plans to raise over $1 billion from prominent investors, including Ripple, Kraken, Pantera Capital, and GSR.

This forthcoming venture aligns with Evernorth's anticipated public listing on Nasdaq. The treasury firm intends to make its stock market debut through a business combination with Armada II, which has recently updated its ticker symbol to XRPN as part of this business arrangement .

With the upcoming launch of the Canary Capital XRP ETF, more institutional investors are poised to acquire the token. The asset management firm has recently filed an amendment to its fund, which removes a delaying clause, paving the way for its launch on November 13. This process mirrors the firm's earlier launches of ETFs for Hedera and Litecoin.

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