Evernorth Holdings, created by former Ripple executive Ashish Birla with the ambitious goal of building the world’s largest corporate XRP treasury, has encountered harsh market reality. According to a fresh report from CryptoQuant analyst Maartunn, the company has recorded an unrealized loss of around $389 million.
The treasury, positioned as a benchmark for institutional crypto asset management, remained profitable for only two weeks during its entire history, the on-chain expert points out, citing the chronology of a poorly timed market entry.
How Evernorth’s heavyweight backers hit a wall on a $950 million XRP bet
In autumn 2025, Evernorth formed the foundation of its portfolio by investing around $950 million with the average entry price at around $2.44 per XRP. As it turned out, the company accumulated XRP during a local hype phase, after which the market reversed.
The main contributors to the treasury were Ripple Labs with 126.79 million XRP tokens through a private placement at a fixed price of $2.36 per token, while Chris Larsen allocated 50 million XRP from his personal reserves. Japanese financial giant and long-time Ripple partner SBI Holdings became the key cash investor, contributing $200 million in cash.
A group of anchor investors contributed $214.05 million in cash plus an additional 600,000 XRP. Using these funds, Evernorth directly purchased another 84.3 million XRP from the open market at an average price of $2.54 per token. Venture giants Pantera Capital, Kraken, Arrington Capital and GSR also participated in the capital formation and accumulation process.
Since then, from November 2025 through May 2026, Evernorth’s unrealized profit and loss (PnL) chart has remained almost continuously in negative territory. With XRP currently trading below $1.50, the fund’s paper losses have reached $389 million.
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Despite the “ugly” figures on the balance sheet, Evernorth management is not rushing to admit defeat, as the loss remains entirely unrealized. The fund is not selling tokens and instead systematically writes down their book value in SEC filings. By the end of last year, the company had officially written down $233.7 million.
Right now, in May 2026, the company is in the final stage of a merger with SPAC platform Armada Acquisition Corp II and has already filed Form S-4 with the U.S. Securities and Exchange Commission. The goal is to launch trading of the treasury’s shares on the Nasdaq under the ticker XRPN.
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