Which public companies besides Evernorth hold XRP in their treasury, and how much?

The full answer

Which companies besides Evernorth are named as XRP treasury companies?

The only list of this kind I rely on is Coinpaper’s “Top XRP Treasury Companies in 2026”. It covers firms “either holding XRP on their balance sheets or actively building corporate XRP treasuries” [1]. It defines an XRP treasury company as one that “intentionally holds XRP on its balance sheet as part of financial strategy” [1]. Leaving aside SBI (see below), it names seven firms:

| Flora Growth | About $50 million XRP treasury plan | Not stated | | Nature’s Miracle Holdings | Smaller allocation, no figure | Not stated | | Hyperscale Data | Smaller allocation, no figure | Not stated |

Coinpaper names a stock exchange only for VivoPower. It gives no token counts and no purchase dates for any of the seven [1]. Coinpaper itself notes that for Trident “actual acquisition pacing depends on regulatory and market conditions” [1].

Why is SBI Holdings left out of the count?

Coinpaper’s 2026 list puts SBI Holdings first, at about $10.40 billion in XRP [1]. A list that counts SBI’s figure as XRP counts Ripple shares as tokens. The page on who owns the most XRP covers the large holders that are not treasury companies.

Coinpaper also separates two other groups from treasury companies. It says Ripple “remains the single largest holder of XRP” through escrow and operational wallets, and that exchange balances “are client assets, not corporate treasury reserves” [1].

How much XRP do these companies actually hold?

As of September 30, 2026, the project has not found the answer. It holds no 10-K, 10-Q, 20-F or press release from any of the seven companies. The figures above are dollar targets, plans and a credit facility reported by a secondary source [1]. None is a count of XRP owned on a stated date.

The five dollar figures add to about $1.05 billion. That sum measures announced intentions and borrowing capacity. It says nothing about how much XRP was bought, when, or at what price. What a company can do with the XRP once bought is covered in what a company can do with XRP held in its treasury.

How does this compare with Evernorth and the XRP ETFs?

Filings give a level of detail the treasury-company list lacks. The Canary XRP ETF’s Form 10-Q reports 231,279,303 XRP held at June 30, 2026, with a fair value of $241,278,596 [4]. The same filing describes the fund as “a passive investment vehicle that does not seek to generate returns beyond tracking the price of XRP” [4]. The page on how much XRP the US spot ETFs hold covers all of them.

The XRP treasury plan is described in a Form 425 filing with the SEC (CIK 2092592) for a proposed business combination. That Form 425 filing lists among its risks the inability to realise “the ability to build and manage an institutional XRP treasury” and “the risk that the price of XRP may decrease” before or after closing [3]. That Form 425 filing lists among its risks “the inability to recognize the anticipated benefits of the Business Combination, including the ability to build and manage an institutional XRP treasury” and the “risk that the price of XRP may decrease” between signing and closing or at any time after closing [3]. The page what is Evernorth sets out its backers and holdings. Until the smaller companies publish filings, they cannot be set beside Evernorth or the ETFs on the same basis, by token count on a stated date.

What is the strongest case against reading these lists as XRP demand?

crypto.news, in a July 25, 2026 feature on Ripple’s acquisitions, described the digital asset treasury (DAT) sector as having “financialized balance sheets without operating businesses at all” [5]. On that reading, a treasury company adds a listed wrapper around a token position rather than a business that uses XRP. Coinpaper’s own caveat, that buying depends on “regulatory and market conditions” [1], points the same way: a plan can shrink or stall. One company on the list, Wellgistics, is described as funding its treasury with a credit facility [1]. Borrowed money raises the question of what happens if XRP’s price falls, which is covered in whether an XRP treasury company could be forced to sell its XRP.