Evernorth Holdings, founded by ex-Ripple executive Ashish Birla to create a massive XRP fund for businesses, is facing significant financial challenges. A recent analysis by CryptoQuant shows the company currently has an unrealized loss of approximately $389 million.
According to a crypto expert analyzing the blockchain data, the treasury—intended to be a leading example of how institutions manage digital assets—was only profitable for a brief two-week period. This was largely due to entering the market at an unfavorable time.
How Evernorth’s heavyweight backers hit a wall on a $950 million XRP bet
In the fall of 2025, Evernorth began building its investment portfolio by purchasing approximately $950 million worth of XRP at an average price of around $2.44 per coin. However, the company bought during a period of increased market excitement, and the price subsequently declined.
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The treasury received most of its funding from two sources: Ripple Labs contributed 126.79 million XRP tokens in a private sale priced at $2.36 each, and Chris Larsen provided 50 million XRP from his own holdings. Additionally, SBI Holdings, a major financial firm and long-standing partner of Ripple, invested $200 million in cash.
Evernorth received $214.05 million in funding from initial investors, along with 600,000 XRP. With this money, Evernorth bought an additional 84.3 million XRP on the market for an average of $2.54 per token. Major venture firms like Pantera Capital, Kraken, Arrington Capital, and GSR were among those who contributed to the funding and XRP acquisition.
Since November 2025, Evernorth has consistently experienced losses on its XRP investments. Because XRP is currently trading for less than $1.50, these unrealized losses now total $389 million.
Even though Evernorth’s financial statements show significant losses, the company isn’t considering it a failure because those losses haven’t been realized through sales. Instead of selling its tokens, Evernorth is gradually reducing their reported value in official filings with the Securities and Exchange Commission. By the end of the past year, these write-downs totaled $233.7 million.
As of May 2026, the company is nearing completion of its merger with Armada Acquisition Corp II. They’ve already submitted the necessary paperwork (Form S-4) to the Securities and Exchange Commission and plan to begin trading on the Nasdaq stock exchange under the symbol XRPN.
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2026-05-13 17:52