Ripple-Backed Evernorth Faces $230M Unrealized Loss on XRP Holdings

• Evernorth faces $230M unrealized loss on 388M XRP amid price declines.
• The firm keeps XRP holdings despite prices below $2.40–$2.50 cost basis.
• Backed by Ripple and partners, Evernorth plans to be the largest institutional XRP treasury.

Ripple-backed Evernorth is facing about $230 million in unrealized losses on its XRP holdings, according to on-chain data. The losses followed a steady decline in XRP prices after large purchases in October. 

Large XRP Position Remains Unchanged

Evernorth currently holds about 388.7 million XRP, according to wallet-level data by CryptoQuant. Most of the accumulation occurred in October, when several large inflows sharply increased the balance. Following that period, the wallet balance stabilized and has shown minimal change through November and December.

Meanwhile, the absence of outflows indicates that Evernorth has not reduced its exposure despite the price decline. 

Acquisition Costs Exceed Current Market Value

CryptoQuant estimates Evernorth’s total capital invested at approximately $947 million. Meanwhile, the current market value of the XRP holdings is at $717 million, based on prevailing prices. This gap places the position at an unrealized loss of roughly $230 million. 

Despite the drawdown, wallet data does not show corresponding increases in outflows, indicating that losses have not been realized through selling.

Notably, XRP has traded mostly between $1.70 and $2.00 over the period covered by the data. As of this press time, XRP trades at $1.87 after a 0.9% uptick over the past day, bringing its weekly gains to a modest gain to 2.3%. On a monthly timeframe, XRP trades at a 16.3% loss. 

Charts tracking Evernorth’s average realized purchase price suggest a cost basis clustered around $2.40 to $2.50. XRP has remained below that range for most of the past two months, keeping the position underwater.

For Evernorth to approach break-even, XRP would need to trade back toward the $2.40 to $2.50 range, based on the estimated cost basis.

Evernorth Plans the Largest Institutional XRP Treasury 

Evernorth, launched in October, plans to build the most extensive institutional XRP treasury following a $1 billion merger that will list it on Nasdaq under the ticker XRPN. Firms including Kraken, SBI Holdings, and Pantera Capital back this project. 

Ripple chairman Chris Larsen has contributed about $120 million in XRP to Evernorth’s initiative. Led by former Ripple executive Asheesh Birla, the initiative is expected to begin gradual XRP accumulation in 2026.

Bullish on this development, XRP community figure nietzbux has described Evernorth as a long-term institutional strategy rather than a short-term price catalyst. He noted that Evernorth will “purely” increase the price of XRP in every way.

Related: Evernorth CEO Asheesh Birla Details the Ambitious $1 Billion XRP Digital Asset Treasury