Investor contributions supplied most of Evernorth Holdings Inc.'s XRP treasury, so the $2.54 average cost of its cash purchase cannot be treated as a cost basis for all the tokens it controls.
The company's Oct. 19 prospectus puts that purchase at 84.4 million XRP for $214 million in 2025. In its Oct. 9 closing announcement, Evernorth reported holdings of approximately 473 million XRP.
The prospectus provides a breakdown dated June 30: Evernorth held 346.3 million XRP directly, while Pathfinder Digital Assets LLC held 126.8 million contributed by Ripple. The cash purchase was already included in Evernorth's direct holding; counting it separately would inflate the June total. The filing also records a further 200,000 XRP contributed through delayed funding at closing. The June figures are not an exact statement of the Oct. 9 balance.
Evernorth reported $233.7 million in digital-asset impairment charges for 2025 and $264.1 million for the first half of 2026. Those accounting charges did not use cash or, by themselves, require the company to sell XRP.
A potential cash obligation comes from Evernorth's convertible debt. The company issued $30 million of notes on Oct. 12. The holder's ordinary conversion window opens Oct. 12, 2027, with settlement in cash, shares or both. Specified defaults or a fundamental transaction could give the holder redemption rights before then.
The prospectus puts the possible maximum cash payment upon conversion at approximately $120 million, influenced in part by Evernorth's share price. That payment is not currently due. A decline in XRP below $2.54 would not, on its own, require a sale under the note terms.
Evernorth says it may need to sell XRP if cash flow or financing cannot cover its obligations. It also says deploying holdings through institutional strategies is intended to generate earnings.
In an Oct. 14 announcement, Evernorth said it planned to begin deploying XRP from its treasury with Ripple, Kraken, Coinbase and BitGo in the fourth quarter of 2026, subject to required approvals and other conditions. It did not specify how many tokens it would deploy.
