Evernorth Holdings, founded by former Ripple executive Ashish Birla with the mission of becoming the world’s largest corporate XRP treasury, is now saddled with an unrealized loss of roughly $389 million, according to CryptoQuant analyst Maartunn. The ambitious institutional fund invested around $950 million in XRP during the autumn of 2025 at an average price of $2.44 per token, but a broad market downturn left the position deeply underwater.
The treasury’s backers included Ripple Labs, which contributed 126.79 million XRP through a private placement at $2.36 per token, and Ripple co-founder Chris Larsen, who allocated 50 million XRP from his personal reserves. Japanese financial giant SBI Holdings injected $200 million in cash, while anchor investors added $214.05 million in cash and 600,000 XRP. The fund used part of the proceeds to purchase 84.3 million XRP on the open market at an average of $2.54 per token. Venture firms Pantera Capital, Kraken, Arrington Capital, and GSR also participated.
According to on-chain data, the treasury was profitable for only two weeks in its entire history. Since November 2025, Evernorth’s unrealized profit-and-loss chart has remained negative. With XRP currently trading below $1.50, paper losses have reached $389 million. The company is not selling, however; the loss remains unrealized, and it is systematically writing down the asset’s book value—$233.7 million had been written off by the end of last year.
In a bid to restructure, Evernorth is in the final stages of a merger with SPAC platform Armada Acquisition Corp II. It has filed a Form S-4 with the U.S. Securities and Exchange Commission and plans to list its shares on the Nasdaq under the ticker XRPN. The story serves as a cautionary tale for institutional crypto treasuries, highlighting the risks of concentrated, ill-timed bets in a volatile market.
