Another Company Holding A Substantial Amount Of XRP Has Been Revealed

Famous lawyer Bill Morgan revealed another company holding a large amount of XRP on its balance sheet. This follows the emergence of Evernorth, another Treasury Company Which raised over $1 billion worth of token.

Another XRP treasury company has emerged with significant holdings

in Share XMorgan drew attention to an SEC filing from Virtu Financial that showed it held XRP on its balance sheet. The company, which has a market cap of just over $5 billion, holds 22 million XRP worth just over $55 million at the current price. the lawyer He also noted that the company appears to be financially strong, which is a positive for the altcoin.

Related reading: Are XRP tokens in escrow at risk of being sold? Ripple CTO shares insights

the Treasury Company It is said to be a global financial services company specializing in market making and execution services. Furthermore, the company provides liquidity across global markets in asset classes including equities, ETFs, fixed income, commodities and derivatives.

Based on data from Crypto locker trackerVery ranks among the top 10 XRP treasuries, just behind Wellgistics Health. It is worth noting that Virtu has performed poorly this year despite its holdings. TradingView data It shows that the company’s shares are down more than 2% year-to-date (YTD). However, the stock is up more than 3% in the past five days.

Meanwhile, this development comes in the wake of the recent emergence of Evernorth powered by Ripplewhich plans to build a larger treasury. XRPScan data It shows that the treasury company currently holds 388.7 million XRP worth nearly $1 billion, making it the largest XRP treasury. The company had previously announced plans to raise more than $1 billion from investors such as Ripple, Kraken, Pantera Capital, and GSR.

This comes ahead of the company’s debut on the Nasdaq. the Treasury Company It plans to list its shares on the stock exchange through a business combination agreement with Armada II. Armada has changed significantly recently Tokenize it to XRPN as part of the business agreement.

More institutions are set to accumulate Altcoin

More institutional investors are set to stake the token with the imminent launch of Canary Capital XRP ETF. The asset manager has filed an amendment to its fund to remove the deferred adjustment, allowing it to launch on November 13. This would be similar to how the company launched the Hedera and Litecoin ETFs earlier this week.

Related Reading: Ripple Bank Deadline Is Nearing – An Important Date is Approaching

However, as institutions look to accumulate the token, long-term holders unload their coins, negatively impacting its price. On-chain analytics platform Glassnode detected Those holders who accumulated before November 2024 have increased their spending by 580% from $38 million per day to $260 million per day. The platform noted that this is a clear sign of experienced traders exiting and increasing pressure on them Price action.

At the time of writing, the altcoin’s price is trading at around $2.51, up more than 2% over the past 24 hours, according to Data From Coin Market Cap.

Featured image from Freepik, chart from Tradingview.com

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