XRP Treasury Firm Evernorth Sits on $220M Unrealized Losses

XRP treasury firm Evernorth Holdings is sitting on more than $220 million in unrealized losses. The drawdown follows a recent decline in XRP prices, according to on-chain data tracked by CryptoQuant. Evernorth is backed by executives linked to Ripple. The losses are paper losses. They reflect current market prices, not realized sales. Still, the scale highlights the risk of concentrated treasury strategies during market pullbacks.

On-Chain Data Details the XRP Position

CryptoQuant data shows Evernorth holds approximately 389 million XRP. The firm’s estimated acquisition cost totals about $947 million. At the current XRP price of roughly $1.86, the market value of those holdings sits near $724 million. That gap results in an unrealized loss of around $220 million. 

The data suggests Evernorth accumulated XRP at significantly higher average prices than current levels. Importantly, there is no indication of forced selling. Wallet activity has not shown large outbound transfers tied to liquidation or stress events. The losses remain notional as long as the assets stay on the balance sheet.

XRP Declines Despite ETF Inflows

XRP has fallen about 16% over the past 30 days. The drop occurred amid a broader market correction that also pushed Bitcoin below the $88,000 level. Altcoins generally underperformed during the same period. However, XRP’s price weakness contrasts with steady inflows into US-listed XRP spot ETFs. Data from SoSoValue shows cumulative net inflows exceeding $1.1 billion since launch. 

Chart – Total XRP Spot ETF Net Inflow Source: SoSoValue

On December 24 alone, XRP ETFs recorded nearly $12 million in net inflows. Franklin’s XRP ETF led daily inflows, while other products maintained flat or modest activity. Despite this demand, spot prices did not respond positively in the short term.

Treasury Strategy Under Pressure

Evernorth’s situation mirrors challenges faced by other crypto-focused treasury entities. Large positions amplify both upside and downside. When prices fall, unrealized losses can grow quickly, even without operational issues. Supporters of the strategy argue that long-term conviction matters more than short-term volatility. Critics counter that such exposure increases balance sheet risk, especially during prolonged drawdowns. So far, Evernorth has not commented publicly on the losses or on any changes to its treasury approach. There have been no disclosures suggesting hedging activity or position reductions.

Market Watches Next Moves

Currently, Evernorth’s XRP holdings remain intact. The losses reflect market conditions rather than internal distress. Still, investors and analysts will watch wallet activity closely for signs of rebalancing. At the same time, ETF inflows suggest continued institutional interest in XRP. Whether that demand translates into price recovery remains uncertain. In summary, Evernorth’s $220 million unrealized loss underscores the volatility of crypto treasury strategies. As XRP trades below recent highs, the firm’s next steps could offer insight into how long-term holders manage downside risk in a maturing market.