Evernorth, the treasury firm for XRP, reveals a $233.7 million impairment on its assets in SPAC filing.

The organization reported a $233.7 million impairment of digital assets for 2025, highlighting the disparity between acquisition costs and reduced market valuations.

(Yashowardhan Singh/Unsplash)

Key points:

• Evernorth Holdings, a company associated with XRP treasury, revealed in a recent S-4 filing that it and Pathfinder Digital Assets held 473.1 million XRP as of December 31, 2025, with a substantial portion obtained via open-market purchases and contributions from Ripple.
• The organization reported a digital asset impairment of $233.7 million for 2025, indicating the difference between purchase costs and diminished market values.
• Evernorth intends to actively oversee its XRP treasury, utilizing Ripple’s RLUSD stablecoin within decentralized finance activities, lending XRP, enhancing liquidity, and executing options strategies to capitalize on its assets.

Evernorth Holdings, an XRP treasury firm pursuing a public listing through a SPAC merger, indicated in a recent S-4 filing that it and Pathfinder Digital Assets possessed approximately 473.1 million XRP as of the conclusion of last year.

The document also provides investors with a clearer understanding of how this position was established. Evernorth disclosed that it utilized $214.1 million in cash to acquire 84.4 million XRP, equating to approximately $2.54 per token for that segment of the treasury. XRP is presently trading at $1.45, representing a decline of about 35% from the average acquisition price.

The filing further highlights a digital asset impairment of $233.7 million for 2025 in accordance with U.S. accounting standards, signaling the disparity between purchase prices and lower market values at the time of reporting.

The filing also indicates that the treasury was not solely derived from open-market acquisitions. Ripple, a prominent entity in the XRP ecosystem, contributed 126.8 million XRP to Pathfinder via a contribution agreement.

The sponsor additionally contributed 211.3 million XRP through a Series C subscription linked to the broader arrangement, as noted in the filing.

Evernorth expresses its intention to actively manage its treasury instead of merely holding XRP and anticipating an increase in the token’s value. The S-4 states that the company plans to employ Ripple’s RLUSD stablecoin in XRP-centric decentralized finance activities, including RLUSD/XRP liquidity pools.

It also anticipates lending XRP, providing automated market-maker liquidity, and implementing options strategies, such as covered calls and cash-secured puts, to further enhance the monetization of the company’s treasury.