Evernorth's $2.54 XRP Purchase Price Covers 84.4 Million Tokens

Evernorth Holdings Inc.'s $2.54 average XRP purchase price applies to 84.4 million cash-bought tokens, so it does not set a break-even level for its roughly 473 million XRP treasury.

The company spent $214 million on that purchase in late 2025. It announced the transaction Nov. 4, after receiving some of the tokens Oct. 31; the remainder arrived by Nov. 6. Other XRP in the treasury came through investor contributions, so the cash purchase price describes only one part of Evernorth's holdings.

Evernorth held about 473 million XRP when its business combination closed Oct. 9. Its shares began trading on Nasdaq under XRPN on Oct. 12. The company may use its holdings in financing and investment strategies, and its plans permit XRP sales for corporate purposes.

A June 30 breakdown shows how the balances fit together. Evernorth held 346.3 million XRP directly, a total that already included the 84.4 million tokens bought with cash. Pathfinder Digital Assets LLC held another 126.8 million XRP contributed by Ripple. Adding the purchased tokens to the direct balance again would count them twice.

Evernorth recorded about $233.7 million in digital-asset impairment charges in 2025 and $264.1 million in the first half of 2026, or approximately $497.8 million combined. Those charges were noncash accounting entries and did not require a token sale. They also do not extend the $2.54 average purchase price to the rest of the treasury.

The company's convertible debt creates a separate potential need for cash. On Oct. 12, Evernorth issued $30 million of 4% payment-in-kind convertible notes due in 2031. Beginning Oct. 12, 2027, the noteholder may elect to convert the notes into cash, shares or a combination. The maximum aggregate cash settlement upon conversion is approximately $120 million; that amount is not currently due.

If Evernorth lacked cash to meet an elected settlement, it might need to raise financing or sell XRP. The potential payment depends in part on Evernorth's share price and the holder's decision. The note terms do not make an XRP decline below $2.54 a mandatory sale trigger.

Evernorth's initial treasury partner plan names Ripple, Kraken, Coinbase and BitGo as execution partners. The company intends to begin deploying part of its holdings through institutional strategies in the fourth quarter of 2026, but has not specified how much XRP it will use.