Evernorth's debut on the Nasdaq came with a costly reminder of how volatile crypto treasury strategies can be. The company's 473 million XRP holdings, purchased for $214 million, are now worth about $115 million at XRP's current price of $1.37 — a 46% unrealized loss. Meanwhile, shares of the XRP-focused firm, trading under the ticker XRPN, closed at $16.91 on their first day, 68% below the stock's $53 high.
The numbers behind the XRP treasury
Evernorth built its treasury around a single asset. The company holds 473 million XRP, a position that cost $214 million to assemble. At $1.37 per token, that stake is worth roughly $115 million, leaving the firm underwater by about $99 million. The scale of the bet is unusual even by the standards of crypto-native balance sheets, where concentration risk is common but rarely this extreme.
XRPN's first-day trading did little to offset the paper losses. The stock closed at $16.91 after touching a high of $53 earlier in the session — a drop of 68% from that peak. The selloff suggests public-market investors aren't willing to pay a premium for a treasury that's already deeply in the red.
Hugo Jeandesboz takes the CIO seat
On its debut day as a Nasdaq-listed company, Evernorth named Hugo Jeandesboz as its chief investment officer. Jeandesboz was previously co-chief investment officer at Coinbase Asset Management. The hire signals that Evernorth wants institutional experience managing its crypto holdings, though the timing — announced alongside a 46% drawdown on its core position — puts immediate pressure on the new CIO to defend or adjust the XRP strategy.
Jeandesboz's background at Coinbase Asset Management gives him familiarity with custody, trading, and risk frameworks that a public company needs. But he inherits a portfolio that is already locked into a single token, and any move to diversify or hedge would require selling XRP at a loss or finding new capital. Neither option is painless.
What the market is saying about XRPN
The stock's 68% slide from its high tells its own story. Investors who bought near $53 are sitting on steep losses, and the $16.91 close values the company far below the cost of its XRP treasury. That disconnect — a market cap that may be less than the value of the assets it holds — is a classic sign of skepticism about a firm's ability to monetize its crypto stash without further dilution or forced selling.
Evernorth hasn't disclosed any plans to sell XRP or raise additional capital. For now, the company is a public proxy for XRP price movements, and the 46% underwater position means any recovery in the token would need to be substantial just to break even. XRP would have to climb back above $0.45 — the implied average purchase price — to erase the loss on the 473 million tokens.
What to watch next
Evernorth's next quarterly filing will show whether Jeandesboz has made any changes to the treasury or taken hedging positions. Investors will also look for details on operating expenses, since a company with a depressed stock and a losing crypto bet has limited room for error. XRPN's trading volume in the coming sessions will indicate whether the debut-day selloff was a one-time event or the start of a longer repricing.
The immediate question is whether Evernorth can convince the market that its XRP holdings are worth more than the current share price implies. With XRP at $1.37 and XRPN at $16.91, that argument isn't winning yet.
