Evernorth XRP treasury discloses $233.7M impairment in SPAC filing

Evernorth Holdings, an XRP treasury firm going public via a SPAC merger, disclosed an impairment of $233.7 million on its digital asset holdings for 2025. The S-4 filing says Evernorth and Pathfinder Digital Assets held 473.1 million XRP as of Dec. 31, 2025. The company detailed how the position was built. Evernorth used $214.1 million to acquire 84.4 million XRP (about $2.54 per token for that tranche), while XRP is trading near $1.45, roughly 35% below that average purchase price. Under US accounting rules, the gap between purchase costs and lower reporting-date market values drove the impairment. Evernorth also clarified that its XRP came from more than open-market buying. Ripple contributed 126.8 million XRP to Pathfinder under a contribution agreement, and the sponsor separately added 211.3 million XRP via a Series C subscription linked to the broader deal. Looking ahead, Evernorth said it plans active management of its XRP treasury rather than passive holding. It intends to use Ripple’s RLUSD stablecoin for XRP-based DeFi activities, including RLUSD/XRP liquidity pools. The firm also expects to lend XRP, provide automated market-maker liquidity, and run options strategies such as covered calls and cash-secured puts. For traders, the key takeaway is the reported accounting hit alongside a stated shift toward yield and liquidity strategies using XRP and RLUSD.