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$389 Million Failure: Why Largest XRP Treasury Is Stuck in Losses
TL;DR
Evernorth Holdings, aiming to create the largest corporate XRP treasury, has faced a $389 million unrealized loss due to poor market timing. The treasury was only profitable for two weeks since its inception.
Key points
- Evernorth Holdings recorded a $389 million unrealized loss
- The treasury was profitable for only two weeks
- Evernorth invested around $950 million in XRP
- Ripple Labs contributed 126.79 million XRP
- SBI Holdings invested $200 million in cash
Mentioned in this story
Evernorth HoldingsRipple LabsChris LarsenSBI Holdings
Evernorth Holdings, created by former Ripple executive Ashish Birla with the ambitious goal of building the world's largest corporate XRP treasury, has encountered harsh market reality. According to a fresh report from CryptoQuant analyst Maartunn, the company has recorded an unrealized loss of around $389 million.
The treasury, positioned as a benchmark for institutional crypto asset management, remained profitable for only two weeks during its entire history, the on-chain expert points out, citing the chronology of a poorly timed market entry.
How Evernorth's heavyweight backers hit a wall on a $950 million XRP bet
In autumn 2025, Evernorth formed the foundation of its portfolio by investing around $950 million with the average entry price at around $2.44 per XRP. As it turned out, the company accumulated XRP during a local hype phase, after which the market reversed.
The main contributors to the treasury were Ripple Labs with 126.79 million XRP tokens through a private placement at a fixed price of $2.36 per token, while Chris Larsen allocated 50 million XRP from his personal reserves. Japanese financial giant and long-time Ripple partner SBI Holdings became the key cash investor, contributing $200 million in cash.
Evernorth's unrealized PnL, Source: Maartunn citing CryptoQuant
A group of anchor investors contributed $214.05 million in cash plus an additional 600,000 XRP. Using these funds, Evernorth directly purchased another 84.3 million XRP from the open market at an average price of $2.54 per token. Venture giants Pantera Capital, Kraken, Arrington Capital and GSR also participated in the capital formation and accumulation process.
Since then, from November 2025 through May 2026, Evernorth's unrealized profit and loss (PnL) chart has remained almost continuously in negative territory. With XRP currently trading below $1.50, the fund's paper losses have reached $389 million.
Q&A
What caused Evernorth Holdings to incur a $389 million loss?
Evernorth Holdings incurred a $389 million loss due to poorly timed market entry, accumulating XRP during a local hype phase before the market reversed.
Who are the main investors in Evernorth's XRP treasury?
The main investors include Ripple Labs, Chris Larsen, and SBI Holdings, with Ripple contributing 126.79 million XRP and SBI investing $200 million in cash.
How much did Evernorth invest in XRP and what was the average entry price?
Evernorth invested around $950 million in XRP, with an average entry price of approximately $2.44 per token.
