Episode Details

Evernorth Holdings, a company with a focus on XRP treasuries, revealed in a recent S-four filing that they hold 473.1 million XRP as of December 31, 2025. They reported a $233.7 million impairment on their digital assets due to market prices falling below their purchase cost. The holdings came from open-market purchases, along with contributions from Ripple and a sponsor. Ripple provided 126.8 million XRP through an agreement with Pathfinder Digital Assets, while the sponsor added 211.3 million XRP as part of a funding deal. This write-down follows standard U.S. accounting rules and highlights the volatility in crypto markets. Evernorth plans to actively manage their XRP treasury with Ripples RLUSD stablecoin for decentralized finance activities, including lending, adding liquidity to pools, and running options strategies like covered calls to generate returns.

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