Evernorth Holdings, an XRP financial company listed through a SPAC merger, disclosed in a new S-4 filing that as of the end of last year, the company and Pathfinder Digital Assets held approximately 473.1 million XRP.
The document also gives investors a clearer picture of how the position was established. Evernorth said it used $214.1 million in cash to acquire 84.4 million XRP, which equates to approximately $2.54 per token. XRP is currently trading at $1.45, down approximately 35% from its average purchase price.
The document also states that under U.S. accounting rules, digital asset impairments will reach $233.7 million in 2025, reflecting the difference between the purchase price and the lower market value on the reporting date.
The documents also show that Treasury funding comes from more than just open market purchases. Ripple is a major player in the XRP ecosystem, having contributed 126.8 million XRP to Pathfinder under the contribution agreement.
The filing shows that the sponsor contributed 211.3 million XRP individually through a Series C subscription tied to the broader deal.
Evernorth stated that it wants to actively manage its funds rather than simply hold XRP and wait for the coin to rise. S-4 stated that the company plans to use Ripple’s RLUSD stablecoin in XRP-based decentralized financial activities, including the RLUSD/XRP liquidity pool.
It is also expected to lend XRP, provide automated market maker liquidity, and run options strategies such as covered calls and cash-secured puts to further monetize the company’s finances.
