Evernorth Holdings, in its S-4 filing submitted as part of the SPAC merger, announced a significant decrease in the value of its XRP reserves.
The company reported that it recorded approximately $233.7 million in impairment losses on its digital assets throughout 2025.
According to the company’s statement, the loss resulted from the difference between the cost of purchasing XRP and its market price during the reporting period. According to the filing, Evernorth and its affiliate Pathfinder Digital Assets hold a total of 473.1 million XRP as of the end of 2025. Of these assets, 84.4 million XRP were purchased at a cost of approximately $214.1 million and an average unit price of $2.54.
However, the drop in the XRP price to around $1.45 indicates a loss of approximately 35% on these purchases.
Evernorth is planning a strategy change in reserve management following its recent losses. The company announced it will adopt a more active approach instead of passively holding its XRP assets. As part of this, it aims to utilize its RLUSD stablecoin to leverage decentralized finance (DeFi) opportunities within the XRP ecosystem.
Planned strategies include creating an RLUSD/XRP liquidity pool, XRP lending activities, providing automated market maker (AMM) liquidity, and options strategies (such as covered call and margined put trades). The company aims to increase the return on its reserves through these methods.
*This is not investment advice.
