Key Takeaways
Evernorth Holdings, a corporate treasury established by a former Ripple executive, is sitting on an unrealized loss of approximately $389 million from its $950 million investment in XRP, according to a May 13 report by CryptoQuant analyst Maartunn.
"The treasury, positioned as a benchmark for institutional crypto asset management, remained profitable for only two weeks during its entire history," Maartunn wrote, citing on-chain data that shows a poorly timed market entry in autumn 2025.
The fund's portfolio was built with significant backing from key industry players. Ripple Labs contributed 126.79 million XRP at a fixed price of $2.36 per token, and Ripple co-founder Chris Larsen allocated 50 million XRP from personal holdings. Japanese financial group SBI Holdings was the primary cash investor, contributing $200 million.
Despite the loss, Evernorth is moving forward with plans to merge with the SPAC platform Armada Acquisition Corp II. The company has filed a Form S-4 with the U.S. Securities and Exchange Commission to launch its shares on the Nasdaq under the ticker XRPN.
The firm's large-scale accumulation occurred during a market peak in autumn 2025, establishing an average entry price of $2.44 per XRP. This included an open-market purchase of 84.3 million XRP at an average of $2.54. With the price of XRP on Ethereum trading at $1.4872 as of May 13, 2026, the value of the holdings has declined substantially.
Venture firms Pantera Capital, Kraken, Arrington Capital, and GSR also participated in the treasury's capital formation. According to the report, Evernorth has not sold its holdings but has officially written down the book value by $233.7 million as of the end of the last fiscal year. The situation highlights the risks of concentrated, large-scale institutional bets on volatile digital assets like altcoins. While the loss is significant, it remains unrealized, and the planned public listing could provide the treasury with more strategic flexibility.
This article is for informational purposes only and does not constitute investment advice.
