- Maartunn revealed Evernorth’s massive XRP purchases remained underwater throughout the months.
- Ripple, Larsen, and SBI backed the treasury strategy before XRP collapsed.
- Evernorth continues Nasdaq merger plans despite unrealized losses from XRP.
CryptoQuant analyst Maartunn revealed that Evernorth Holdings has remained trapped in losses for nearly its entire XRP treasury journey, exposing the downside of entering large crypto positions during overheated market conditions. In his latest report, the analyst explained that the company’s aggressive XRP accumulation strategy quickly turned against it after the token fell far below Evernorth’s average purchase levels, leaving the treasury with nearly $389 million in unrealized losses.
Evernorth’s XRP Accumulation Quickly Turned Negative
According to the report, Evernorth invested nearly $950 million into XRP during autumn 2025 when market sentiment remained highly optimistic. The company reportedly acquired XRP at an average price near $2.44 per token. Unfortunately, XRP later declined heavily, leaving the treasury underwater for most of its operating history.
Also Read: Bitcoin Crash Warning Returns as Peter Brandt Rejects Bottom Formation Again
Ripple Labs reportedly became one of the largest contributors to the treasury after allocating 126.79 million XRP through a private placement deal. Meanwhile, Ripple co-founder Chris Larsen contributed another 50 million XRP from his personal holdings. Besides that, Japanese financial giant SBI Holdings injected approximately $200 million in cash into the treasury structure.
A separate group of investors also contributed more than $214 million alongside additional XRP allocations. Evernorth later used part of those funds to purchase another 84.3 million XRP directly from the open market. According to Maartunn, those acquisitions occurred near an average price of $2.54 per token.
Several major crypto investment firms participated in the treasury formation process. The list reportedly included Pantera Capital, Kraken, Arrington Capital, and GSR. Nevertheless, XRP’s prolonged weakness continued placing pressure on Evernorth’s balance sheet.
Nasdaq Listing Plans Continue Despite Massive Losses
Despite the growing losses, Evernorth has not sold its XRP holdings and instead continues recording valuation write-downs within regulatory filings while maintaining its long-term treasury strategy. By late 2025, Evernorth had already written down approximately $233.7 million connected to its XRP exposure.
Meanwhile, Evernorth remains focused on completing its merger with Armada Acquisition Corp II ahead of a planned Nasdaq listing under ticker XRPN. The company has already submitted Form S-4 filings with the United States Securities and Exchange Commission as the merger process moves forward.
Also Read: Alert: Selling Pressure on XRP Is Rising on Binance – What it Means For Price
