As XRP struggles, Ripple-backed Evernorth faces a $220M discount.
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Ripple-linked Evernorth drops $220M in XRP holdings Evernorth invested about $947 million to earn about 389 million XRP.
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Evernorth Holdings, an XRP fund backed by Ripple executives, is sitting on more than $220 million in paper losses following the coin's recent collapse.
According to data tracked by CryptoQuant, EverNorth's XRP spot was bought for about $947 million with roughly 389 million tokens.
Based on the current XRP price of $1.86, the value of the stock has dropped to $724 million, leaving the company with a large unrealized deficit.
Ripple's native crypto asset XRP is down 16% in the past 30 days amid a market-wide correction that has pushed bitcoin below $88,000.
US-listed XRP ETFs have posted steady inflows since debut, taking in more than $1 billion per SoSoValue, but prices have weakened.
