Evernorth Records $490M Paper Loss on XRP Holdings

TLDR

• Evernorth holds 473.28 million XRP purchased at an average price of $2.45 per token.

• The company now faces a $490 million unrealized loss with XRP trading at $1.42.

  

• Evernorth’s worst paper loss reached $642 million when XRP fell to $1.10 on Feb. 6.

• XRP must rise 73% to $2.455 for Evernorth to break even on its holdings.

• CryptoQuant analyst Maartunn reported that the position stayed profitable for only two weeks.

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Evernorth now carries $490 million in unrealized losses on its XRP treasury position. The company accumulated 473.28 million $XRP at a combined cost of about $1.162 billion. Current market prices place the holdings far below the firm’s average entry point.

Evernorth’s $XRP Position Turns Negative

CryptoQuant analyst Maartunn reported that Evernorth’s $XRP position stayed profitable for only two weeks. He wrote that the holdings “turned unprofitable after just two weeks.” His data showed losses on an initial 388 million $XRP purchase valued near $950 million.

However, the CryptoQuant figures excluded a later acquisition. On Nov. 4, 2025, Evernorth bought 84.37 million $XRP for $214.05 million. That purchase raised total holdings to 473.28 million tokens at a realized price of $2.45.

When $XRP reached $2.58 on Nov. 10, 2025, the treasury briefly showed gains. The position value climbed to about $1.221 billion. Soon after, prices dropped below the cost basis and erased those gains.

At the current market price of $1.42, the holdings stand near $672 million. This valuation leaves Evernorth with a $490 million unrealized loss. The loss exceeds the $389 million estimate based on partial data.

The worst drawdown occurred on Feb. 6. On that day, $XRP fell to $1.10 and cut the position’s value to $520 million. The paper loss then reached $642 million, marking a 55% decline from cost.

By April 30, $XRP traded near $1.35 and narrowed losses to $523 million. A modest recovery later reduced the deficit to $490 million. The treasury remains below its original purchase price.

For Evernorth to break even, $XRP must rise to $2.455. That move would require a 73% increase from $1.42. The calculation reflects the firm’s realized acquisition price.

Bitcoin Comparison and Market Context

Strategy faced similar paper losses during the 2022 Bitcoin downturn. Its unrealized losses reached $1.81 billion in November 2022. Bitcoin then traded close to $16,000.

The company maintained its holdings during that period. Prices recovered from October 2023 onward. Unrealized gains later climbed to $31 billion during Bitcoin’s peak last October.

Today, Strategy reports about $5 billion in paper profit. The comparison highlights past volatility in corporate crypto treasuries. Evernorth continues to hold its $XRP position at current market levels.

Maartunn stated that the losses began as the broader crypto market weakened in Q4 2025. The downturn persisted and kept $XRP below Evernorth’s cost basis. As of now, $XRP trades at $1.42, leaving the company with a $490 million unrealized loss.

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