Evernorth Holdings, an XRP treasury company going public in a SPAC merger, revealed in a new S-4 filing that it and Pathfinder Digital Assets held approximately 473.1 million
The document also gives investors a clearer overview of how this position was constructed. Evernorth said it used $214.1 million in cash to acquire 84.4 million XRP, which equates to approximately $2.54 per token for this portion of the treasury. XRP is currently trading at $1.45, down about 35% from the average purchase price.
The filing also reports an impairment of digital assets of $233.7 million for 2025 under U.S. accounting rules, reflecting the gap between purchase prices and the decline in market values as of the closing date.
The filing also shows that the cash flow does not come solely from open market purchases. Ripple, a major player in the XRP ecosystem, contributed 126.8 million XRP to Pathfinder through a contribution agreement.
The sponsor separately contributed 211.3 million XRP via a Series C subscription linked to the broader deal, according to the filing.
Evernorth says it wants to actively manage its treasury rather than simply holding XRP and waiting for the token to rise. The S-4 indicates that the company plans to use Ripple’s RLUSD stablecoin in decentralized finance activities based on XRP, including RLUSD/XRP liquidity pools.
It also plans to lend XRP, provide automated liquidity to market makers, and execute options strategies, such as covered calls and cash-secured puts, to further monetize the company’s cash flow.
