Evernorth Holdings, an XRP treasury company going public through a SPAC merger, revealed in a new S-4 filing that it and Pathfinder Digital Assets held about 473.1 million XRP at the end of last year.
The document also gives investors a clearer look at how this position was built. Evernorth said it used $214.1 million in cash to acquire 84.4 million XRP, which equates to about $2.54 per token for that portion of the treasury. XRP is currently trading at $1.45, or about a 35% drop from the average purchase price.
The filing also points to a digital asset impairment of $233.7 million for 2025 under US accounting rules, reflecting the difference between purchase prices and lower market values at the reporting date.
The documentation also shows that the treasury did not only come from purchases on the open market. Ripple, a major player in the XRP ecosystem, contributed 126.8 million XRP to Pathfinder under a contribution agreement.
The sponsor separately contributed 211.3 million XRP through a Series C subscription tied to the broader deal, the filing shows.
Evernorth says it wants to actively manage its treasury instead of simply holding XRP and waiting for the token to rise. S-4 says the company plans to use Ripple’s RLUSD stablecoin in XRP-based decentralized finance activity, including RLUSD/XRP liquidity pools.
It also expects to lend XRP, provide automated market-maker liquidity and run options strategies, such as covered calls and cash-backed puts, to further cash in on the company’s treasury.
