XRP Treasury Firm Evernorth Reports $233M Impairment in SPAC Filing

Evernorth Holdings, a treasury firm centered on XRP, has disclosed a substantial impairment tied to its digital asset holdings as it progresses toward a public listing via a special purpose acquisition company (SPAC). 

The update, included in a newly filed S-4 registration statement, offers a detailed snapshot of the firm’s exposure to cryptocurrency price movements and the composition of its balance sheet.

The filing shows that Evernorth and its affiliate, Pathfinder Digital Assets, held approximately 473.1 million XRP as of December 31, 2025. The company outlined that this position was built through a combination of open-market purchases and significant token contributions from ecosystem participants.

Acquisition Costs and Market Decline

Evernorth reported deploying $214.1 million in cash to acquire 84.4 million XRP, implying an average purchase price of about $2.54 per token for that tranche. With XRP trading at $1.45 at the reporting date, the firm’s purchased holdings reflect a decline of roughly 35% relative to cost.

This price movement drove a reported $233.7 million digital asset impairment for 2025. The charge is consistent with U.S. accounting standards, which require companies to mark digital assets to lower market values when prices fall below acquisition cost. As a result, the impairment captures the gap between Evernorth’s purchase prices and prevailing market levels at year-end.

Token Contributions Expand Treasury Scale

The filing further indicates that Evernorth’s XRP treasury was not assembled solely through direct purchases. Ripple contributed 126.8 million XRP to Pathfinder under a contribution agreement. In addition, the transaction sponsor provided 211.3 million XRP through a Series C subscription linked to the broader deal.

Together, these contributions significantly increased the size of Evernorth’s holdings, positioning the firm as a major XRP holder ahead of its anticipated public debut.

Shift Toward Active Treasury Management

Beyond outlining its holdings, Evernorth signaled a move away from a purely passive treasury model. The company said it intends to actively manage its XRP reserves in an effort to generate yield and mitigate exposure to price volatility.

A central component of this strategy involves RLUSD, a stablecoin issued by Ripple. Evernorth plans to deploy RLUSD in decentralized finance (DeFi) applications within the XRP ecosystem, including liquidity pools paired with XRP. The firm expects to generate returns through trading activity and market-making functions.

Use of DeFi, Lending, and Derivatives

Evernorth also indicated plans to lend XRP, supply liquidity to automated market makers, and implement derivatives-based strategies to enhance returns. These include options structures such as covered calls and cash-secured puts, which can generate income from existing holdings while offering some level of downside risk management.

This approach reflects a broader trend among digital asset treasury firms toward more complex, yield-focused strategies. Rather than relying exclusively on long-term price appreciation, firms are increasingly seeking to extract additional value from token reserves through active participation in crypto financial markets.

Transparency for Prospective Investors

The disclosures come as Evernorth advances its SPAC transaction, providing prospective investors with greater clarity on both the composition of its XRP holdings and the financial impact of recent market conditions.

The reported impairment underscores the volatility inherent in crypto-heavy balance sheets, while the company’s active management plans highlight efforts to offset that exposure through alternative income streams.