XRP Treasury Firm Evernorth Is Sitting on $220M in Paper Losses
XRP treasury firm Evernorth Holdings is currently facing more than $220 million in unrealized losses, following a recent drop in XRP prices. The figures are based on on-chain data tracked by CryptoQuant and reflect market conditions rather than any actual selling.
Evernorth, which is backed by executives linked to Ripple, hasn’t realized these losses. They remain “on paper” as long as the firm continues to hold its XRP.
Still, the size of the drawdown highlights the risks that come with running a concentrated crypto treasury, especially during market pullbacks.
What the On-Chain Data Shows
According to CryptoQuant, Evernorth holds around 389 million XRP, with an estimated total acquisition cost of roughly $947 million. At XRP’s current price of about $1.86, those holdings are now worth approximately $724 million.
That gap translates to an unrealized loss of about $220 million.
Importantly, there are no signs of forced selling or distress. Wallet data does not show large outbound transfers or liquidation-related activity. For now, the XRP remains firmly on Evernorth’s balance sheet.
XRP Falls Despite ETF Demand
XRP has declined roughly 16% over the past 30 days, underperforming amid a broader market correction that also pushed Bitcoin below $88,000. Most altcoins struggled during the same period.
What stands out is that XRP’s price weakness comes despite steady inflows into U.S.-listed XRP spot ETFs. According to SoSoValue, cumulative net inflows have now topped $1.1 billion since launch.
On December 24, XRP ETFs alone pulled in nearly $12 million, led by Franklin Templeton’s product. Even so, that institutional demand hasn’t translated into a short-term price bounce.
A Treasury Strategy Under Pressure
Evernorth’s situation reflects a broader challenge facing crypto-focused treasury firms. Holding large positions can magnify gains—but it also amplifies downside risk when prices fall.
Supporters of long-term treasury strategies argue that short-term volatility doesn’t matter if conviction remains strong. Critics, however, point out that prolonged drawdowns can strain balance sheets and limit flexibility.
So far, Evernorth has not made any public statements about the losses, hedging activity, or changes to its strategy.
What Comes Next?
For now, Evernorth appears to be holding steady. The losses reflect market prices, not operational stress. Still, analysts and investors will be watching closely for any signs of rebalancing or position changes.
At the same time, ongoing ETF inflows suggest that institutional interest in XRP remains intact. Whether that demand eventually supports a price recovery is still an open question.
Bottom line: Evernorth’s $220 million unrealized loss is a reminder of how volatile crypto treasury strategies can be. As XRP trades below recent highs, the firm’s next moves may offer insight into how long-term holders manage risk in an increasingly mature—but still unpredictable—market.
