Evernorth's XRP Bet Goes Underwater Ahead of Nasdaq Debut

Evernorth, a treasury company that specializes in holding cryptocurrencies, is set to go public on Nasdaq next week. The company has approximately 473 million XRP coins on its books, which were valued at around $1.1 billion when the deal was signed in October 2025.

However, due to the current market price of XRP, which stands at $1.49 per coin, the total value of the coins has decreased to about $705 million. This represents a loss of approximately $414 million or around 37% compared to the initial valuation.

Ripple, the sponsor of the deal and a related party, handed over about 388 million XRP in exchange for shares, according to the prospectus. The remaining coins were likely acquired as part of the deal's terms.

Evernorth plans to put its coins to work by chasing yield and capital markets deals to grow the XRP behind each share. Asheesh Birla, Evernorth's founder and CEO, stated in a release that going public will offer investors a regulated and transparent way to own XRP exposure and participate in the growth of the blockchain economy.