Evernorth Holdings, a treasury entity backed by Ripple executives, is facing substantial paper losses exceeding $220 million on its massive XRP holdings following a recent market downturn. The firm accumulated approximately 388.7 million XRP tokens between late October and late December 2025, deploying capital aggressively as the price trended upward.
At its peak, the position was valued at roughly $947 million and briefly generated an unrealized gain of about $71 million. However, as XRP's price slid from the $2.60 region toward $1.80, the value of the treasury plummeted. With XRP currently trading around $1.86, the stake is now valued at approximately $724 million, marking an unrealized loss of over $220 million.
This outcome highlights the concentration risk of a single-asset treasury strategy. The losses remain unrealized, as Evernorth has not sold its holdings, turning the situation into a stress test for long-term institutional positioning in volatile crypto markets. The drawdown occurred despite reported steady inflows into U.S.-listed XRP exchange-traded funds (ETFs), which have collectively attracted over $1 billion, pushing total ETF-held XRP value to around $1.25 billion.
The divergence between direct balance-sheet losses and continued ETF interest underscores different institutional approaches to gaining crypto exposure. Evernorth's experience reframes the measurement of success for crypto treasury strategies, emphasizing the need to withstand prolonged drawdowns without triggering exits.
