Popular lawyer Bill Morgan has revealed another company that has a significant amount of XRP on its balance sheet. This follows the rise of Evernorth, another one treasury company who has amassed the token worth over $1 billion.
Another XRP Treasury company is emerging with significant stakes
In one X messageMorgan drew attention to an SEC filing from Virtu Financial showing that it has XRP on its balance sheet. The company, with a market cap of just over $5 billion, owns 22 million XRP worth just over $55 million at today’s price. The lawyer also noted that the company appears to be financially strong, which is positive for the altcoin.
Related reading: Are the 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. In addition, the company provides liquidity in global markets across asset classes including equities, ETFs, fixed income, commodities and derivatives.
Based on data from Crypto Treasury trackerVery is among the top 10 largest XRP treasury companies, just behind Wellgistics Health. It is worth noting that Virtu has underperformed this year despite its holdings. TradingView data shows that the company’s shares are down more than 2% this year. However, the stock has risen by more than 3% over the past five days.
Meanwhile, this development follows the recent rise of Ripple-backed Evernorthwhich plans to build the largest treasury. XRPScan data shows that the treasury company currently holds 388.7 million XRP worth almost $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 plans to go public through a business combination agreement with Armada II. Notably, Armada has changed recently the ticker for XRPN as part of the business agreement.
More institutions are ready to accumulate the Altcoin
More institutional investors will start collecting the token with the upcoming launch of the Canary Capital XRP ETF. The asset manager has filed an amendment to its fund to remove the delaying amendment, allowing it to launch on November 13. This will be similar to how the company launched its Hedera and Litecoin ETFs earlier this week.
Related reading: Ripple Bank Deadline Is Almost Here – Key Date Approaching
However, as institutions try to accumulate the token, long-term holders are giving away their coins, negatively impacting its price. On-chain analytics platform Glassnode revealed that these holders who accumulated before November 2024 increased their spending by 580% from $38 million per day to $260 million per day. The platform noted that this is a clear sign that seasoned traders are leaving and increasing the pressure the price action.
At the time of writing, the altcoin’s price is trading around $2.51, up more than 2% in the past 24 hours. facts from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
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