Evernorth Now Seeing $490M in Paper Losses on Its XRP Holdings

Evernorth, the largest corporate XRP treasury holder, is sitting on $490 million in unrealized losses on a $1.1 billion investment.

Verified CryptoQuant author Maartunn called attention to this situation, noting that the firm only saw profits for roughly two weeks. Its losses began as XRP and the broader crypto market slipped into a deeper downturn phase that has persisted since Q4 2025.

Key Points

• CryptoQuant analyst Maartunn flagged that Evernorth’s XRP position turned unprofitable after just two weeks.
• Evernorth holds 473.28 million XRP, acquired for around $1.162 billion at a realized price of $2.45.
• The company’s worst loss hit $642 million on Feb. 6, when XRP dropped to $1.10.
• Evernorth currently sits on a $490 million unrealized loss with XRP trading at $1.42.
• XRP needs to rise 73% to $2.455 for Evernorth to reach breakeven.
• Strategy survived similar losses in 2022 with Bitcoin, which soared to $1.81 billion in November.

Evernorth’s XRP Holdings

In a post on X, Maartunn pointed out that Evernorth’s XRP position stayed profitable for only about two weeks before falling into unrealized losses, and has remained there ever since. His analysis suggests the company is currently down roughly $389 million on a $950 million investment.

However, a look at Evernorth’s position shows the actual loss is even larger than Maartunn’s numbers indicate. His CryptoQuant data covers only the initial 388 million XRP purchased for around $950 million, and leaves out an additional 84.37 million XRP that Evernorth bought on Nov. 4, 2025, for $214.05 million at an average price of $2.54 per token.

Evernorth first built up an initial stake of around 388 million XRP last October, which it accumulated from XRP transfers initiated by contributors like Ripple and Chris Larsen.

The company then grew that position further with the Nov. 4 purchase. The transaction pushed its total holdings to 473.28 million XRP tokens, worth about $1.162 billion at the time, giving the company a realized price of $2.45 per token.

When XRP’s price moved up to $2.58 by Nov. 10, 2025, the value of Evernorth’s holdings rose to $1.221 billion, putting the company briefly in the green. However, this profitable stretch lasted only about two weeks. The broader market downturn then pulled XRP’s price back below the company’s cost basis, and the losses began.

The Scale of Evernorth’s Current Losses

Taking the full position into account, Evernorth’s holdings are currently worth around $672 million at XRP’s present price of $1.42. 

This works out to an unrealized loss of $490 million on roughly a $1.1 billion investment, which is notably larger than the $389 million figure Maartunn cited based on the partial position.

The worst point came on Feb. 6, when XRP dropped to $1.10, and Evernorth’s holdings fell to a value of just $520 million. At that low, the company was sitting on an unrealized loss of $642 million, representing a 55% drawdown and the largest paper loss it has recorded. 

By April 30, with XRP trading around $1.35, the loss had narrowed to $523 million. Since then, a modest price recovery has trimmed that figure further to the current $490 million.

What Evernorth Needs to Break Even

For Evernorth to recover its full investment, XRP would need to climb back to the company’s realized price of $2.455 per token, representing a 73% increase from where the price stands today. 

Evernorth’s situation is similar to what Strategy, the largest corporate Bitcoin holder, went through not long ago. Strategy saw its unrealized losses climb as high as $1.81 billion in November 2022 when Bitcoin was trading near $16,000. It held on through the difficult stretch, and from October 2023, the tide turned. 

Unrealized profits eventually peaked at $31 billion last October during Bitcoin’s highs. Today, Strategy holds around $5 billion in paper profit despite recent price pressure. Evernorth appears to be taking the same approach, as it holds its position and waits for the market to recover.