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 around 473.1 million XRP at the end of last year.
The document also gives investors a clearer view of how that position was built. Evernorth said it used $214.1 million in cash to acquire 84.4 million XRP, which works out to about $2.54 per token for that portion of the treasury. XRP is currently trading at $1.45, or about 35% less than the average purchase price.
The filing also points to a digital asset impairment of $233.7 million by 2025 under U.S. accounting standards, reflecting the gap between purchase prices and the lowest market values on the reporting date.
The filing also shows that the Treasury did not come solely from open market purchases. 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 linked to the broader deal, the document shows.
Evernorth says it wants to actively manage its treasury rather than simply holding XRP and waiting for the token to rise. The S-4 says the company plans to use Ripple’s RLUSD stablecoin in XRP-based decentralized finance activities, including RLUSD/XRP liquidity pools.
It also hopes to lend XRP, provide liquidity to automated market makers, and execute options strategies, such as covered calls and cash-secured puts, to further monetize the company’s treasury.
