Key Highlights
Evernorth acquired 473.28 million XRP tokens at a $2.45 average purchase price.
Current XRP trading price of $1.42 places the company’s treasury at a $490 million unrealized deficit.
The maximum paper loss hit $642 million during XRP’s decline to $1.10 on February 6.
Breaking even requires XRP to climb 73% from current levels to reach $2.455.
According to CryptoQuant analyst Maartunn, the investment showed gains for merely two weeks.
Evernorth currently holds an unrealized deficit of $490 million on its XRP treasury investment. The firm purchased 473.28 million $XRP tokens for approximately $1.162 billion total. Market conditions have pushed the asset’s value significantly beneath the company’s average acquisition price.
Treasury Position Moves Into Loss Territory
CryptoQuant analyst Maartunn reported that Evernorth’s $XRP investment remained in positive territory for a brief two-week window. His analysis indicated that the position “moved into loss territory after merely two weeks.” Initial data tracked losses on a 388 million $XRP purchase worth approximately $950 million.
The CryptoQuant analysis initially overlooked a subsequent transaction. Evernorth executed an additional purchase on November 4, 2025, acquiring 84.37 million $XRP for $214.05 million. This transaction brought the total position to 473.28 million tokens with an average realized cost of $2.45 per token.
The treasury experienced a temporary profit window when $XRP climbed to $2.58 on November 10, 2025. The portfolio’s market value reached approximately $1.221 billion during this period. Subsequently, prices declined below the acquisition cost and eliminated those temporary gains.
With $XRP currently priced at $1.42, the treasury’s market value sits around $672 million. This valuation creates a $490 million unrealized loss for Evernorth. The actual deficit surpasses earlier estimates of $389 million calculated from incomplete data.
The deepest drawdown materialized on February 6. $XRP descended to $1.10 on that date, reducing the position’s worth to $520 million. The paper loss peaked at $642 million, representing a 55% decline from the original cost basis.
By April 30, $XRP recovered slightly to approximately $1.35, bringing losses down to $523 million. Further price improvement reduced the unrealized deficit to its current $490 million level. The treasury continues trading beneath its initial purchase price.
Reaching breakeven requires $XRP to appreciate to $2.455. This target represents a 73% increase from the current $1.42 price level. The calculation aligns with the firm’s realized average acquisition cost.
Corporate Crypto Treasury Parallels and Market Environment
Strategy experienced comparable unrealized losses during Bitcoin’s 2022 bear market. The company recorded $1.81 billion in paper losses during November 2022 when Bitcoin traded near $16,000.
Strategy retained its position throughout that challenging period. Market conditions improved from October 2023 forward. Unrealized profits eventually soared to $31 billion during Bitcoin’s peak last October.
Currently, Strategy shows approximately $5 billion in unrealized gains. This historical example demonstrates the volatility inherent in corporate cryptocurrency treasury management. Evernorth maintains its $XRP holdings at present market valuations.
Maartunn noted that the losses emerged alongside broader cryptocurrency market weakness during Q4 2025. Market conditions remained challenging and kept $XRP trading beneath Evernorth’s cost basis. At the present time, $XRP trades at $1.42, resulting in the company’s $490 million unrealized loss.
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