Evernorth's XRP Vault: $233M in the Red But Still Eyeing a Nasdaq Listing

Evernorth Holdings, an XRP treasury shop with plans to SPAC its way onto the public markets, has just confessed to a $233.7 million paper loss on its bag in a new regulatory filing. The firm, alongside Pathfinder Digital Assets, was sitting on roughly 473.1 million XRP as the clock struck midnight on 2025—a stash that's currently feeling the bear market blues.

A big chunk of this treasury was assembled the old-fashioned way: with cold, hard cash. The company shelled out $214.1 million to scoop up 84.4 million XRP at an average cost of around $2.54 per token. With XRP now chilling near $1.45, that particular tranche is underwater by about 35%, a gap the accountants politely call an "impairment" to comply with U.S. rules. It's the financial equivalent of marking your bag down from "generational wealth" to "maybe a nice car."

The filing shows the treasury wasn't just built by a degen with a market buy button. Ripple itself fed 126.8 million XRP into Pathfinder as part of a deal, while a separate sponsor tossed in another 211.3 million XRP via a Series C subscription. Think of it as a crypto potluck, where everyone brings XRP to the party.

Evernorth isn't planning to just HODL and pray. Instead, it wants to put its massive stash to work through active management. The playbook involves diving into XRP-based DeFi using Ripple's RLUSD stablecoin, likely providing liquidity in RLUSD/XRP pools. The firm also expects to lend out its XRP, play automated market-maker, and run options strategies like covered calls and puts—basically trying to earn some yield while waiting for the moon mission to refuel.

The grand plan is to vault onto the Nasdaq as the largest public XRP treasury by merging with a SPAC named Armada Acquisition Corp. II, which has backing from Arrington XRP Capital. Evernorth's endgame is to become a publicly traded vehicle offering regulated exposure to XRP, managed by people who presumably have stronger hands than your average Telegram admin.

To fuel this ambition, the company has raked in over $1 billion from a who's who of crypto VC, including Ripple, Arrington Capital, SBI Holdings, Pantera Capital, and Kraken. SBI Holdings alone has pledged $200 million. If all goes to plan and regulators nod along, the merger should wrap up in Q1 2026, with shares trading on the Nasdaq under the ticker XPRN.

The regulatory winds have shifted favorably since March 2026, when the SEC and CFTC jointly determined that XRP is a digital commodity—not a security. On the utility front, over 300 financial institutions across 55 countries are now using the XRP Ledger for payments, processing about 3 million transactions daily. Not to be outdone, Ripple's stablecoin, which launched in late 2024, has ballooned to a $1.5 billion market cap. The ecosystem is building, even if some treasury accounts are currently painted red.