Evernorth, Profit Period Only 2 Weeks..."Bought at an average of $2.44 but fell below $1.50"

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Evernorth XRP launched with the goal of becoming the world's largest corporate XRP treasury, but it appears to be trapped in $389 million in unrealized losses after making large-scale purchases near its peak.

U.Today reported on May 13 (local time), citing a report by CryptoQuant analyst Maartunn, that Evernorth Holdings' XRP treasury, created by former Ripple executive Ashish Birla, is recording approximately $389 million in unrealized losses. The treasury launched with the goal of establishing a benchmark for institutional cryptocurrency asset management, but it was analyzed that the period it remained in profit was only two weeks out of its entire operational period.

Evernorth XRP invested approximately $950 million in the fall of 2025 to build its XRP portfolio base at an average price of $2.44. However, the timing of the purchase coincided with a period of regional overheating, and the market subsequently reversed, leading to a prolonged loss period. Among the major contributors, Ripple Labs provided 126.79 million XRP through a private placement at a fixed price of $2.36, and Ripple co-founder Chris Larsen allocated 50 million XRP from his personal holdings.

Cash investors also participated in large numbers. Japanese financial giant SBI Holdings was named a key cash investor, having injected $200 million. The anchor investor group provided an additional $214.05 million in cash and 600,000 XRP, and Evernorth XRP used these funds to purchase an additional 84.3 million XRP in the open market at an average price of $2.54. Pantera Capital, Kraken, Arrington Capital, and GSR also participated in the capital formation and accumulation process.

From November 2025 to May 2026, Evernorth XRP's unrealized profit and loss chart remained almost continuously in negative territory. As XRP fell below $1.50, the book loss expanded to $389 million. However, the company has not sold the tokens, and the losses have not yet been realized.

Instead of recognizing the accounting losses, Evernorth XRP is gradually reducing its book value in Securities and Exchange Commission (SEC) filings. The company officially impaired $233.7 million by the end of last year. Currently, Evernorth XRP is in the final stages of merging with the SPAC platform Armada Acquisition Corp II and has already submitted Form S-4 to the U.S. Securities and Exchange Commission. The goal is to begin trading treasury shares on Nasdaq under the ticker XRPN.

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