CryptoQuant’s verified author J.A. Maartunn sheds light on the performance of Evernorth’s $XRP treasury, revealing a stark imbalance.
According to Maartunn, the treasury has remained in profit for only about 10 days, while spending nearly five months in losses. This contrast highlights how market timing and broader price trends have significantly influenced the outcome of one of the most ambitious institutional $XRP accumulation strategies.
Key Points
- J.A. Maartunn of CryptoQuant notes that Evernorth’s $XRP treasury has been in profit for only about 10 days and in losses for 5 months.
- Accumulation began before the official announcement in October 2025, shortly after the October 10 market crash.
- The treasury saw brief profits between late October and mid-November, but has been in sustained losses ever since.
- Within this period, $XRP’s price dropped from around $2.40 to $1.45, reducing Evernorth’s $XRP portfolio’s value.
Performance of Evernorth’s $XRP Treasury
Evernorth initially set out to build the world’s largest $XRP treasury, attracting strong institutional backing and substantial inflows. However, its performance has largely mirrored $XRP’s sustained decline since late October 2025.
Notably, on-chain data from CryptoQuant shows that accumulation began even before the public announcement, with Evernorth-linked wallets first receiving $XRP on October 16, 2025, when the asset traded around $2.32.
However, this early positioning coincided with lingering weakness following the October 10 market crash. As a result, the treasury quickly shifted from a brief period of profitability to an extended period of unrealized losses. Maartunn’s analysis reinforces this trend, showing that bearish momentum has consistently outweighed brief bullish recoveries.
The accompanying chart further illustrates this trajectory. Evernorth’s holdings were profitable briefly between late October and early November, with a few additional positive days in mid-November. Since then, the position has remained deeply underwater.
Institutional Backing Meets Market Headwinds
Despite these challenges, the scale of accumulation remains significant. Backing from Ripple and Chris Larsen accounts for a large share of the treasury, reinforcing long-term confidence in $XRP’s utility. Combined with additional purchases, Evernorth’s holdings have grown to nearly 389 million tokens, according to CryptoQuant data.
Nonetheless, $XRP’s decline from $2.40 to $1.45 over the past five months has substantially reduced the portfolio’s value. This development underscores a broader reality that institutional participation does not insulate assets from macroeconomic pressures or market-specific downturns.
Evernorth Focuses on Long-Term
Despite this, Evernorth appears committed to a long-term strategy. The company has not liquidated its holdings, meaning the losses remain unrealized.
Moreover, its recent S-4 filing with the U.S. SEC reiterates plans to go public under the ticker XRPN and details a broader strategy for its $XRP reserves.
Specifically, Evernorth intends to deploy its holdings into decentralized finance (DeFi) activities to generate yield and increase the number of tokens backing each share. As a result, market observers expect its full DeFi strategy to take shape later this year, potentially reshaping the treasury’s long-term performance outlook.
