Finance
What’s the deal? (Or should I say, what’s the SPAC?)
- So, Evernorth Holdings, this XRP treasure chest, spills the beans in an S-4 filing. Turns out they and Pathfinder Digital Assets were sitting on 473.1 million XRP as of Dec. 31, 2025. Big whoop. Most of it came from open-market buying and Ripple’s generosity. You know, the usual crypto fairy tale.
- Here’s the kicker: they reported a $233.7 million impairment. Ouch. Apparently, the market said, “Nah, we’re good,” and their XRP took a nosedive. Who knew crypto could be such a sitcom?
- But wait, there’s more! Evernorth’s not just sitting on their hands. They’re planning to “actively manage” their XRP. Lending, liquidity pools, options strategies-you name it. Basically, they’re throwing spaghetti at the wall and hoping something sticks. Classic Larry David move.
So, Evernorth Holdings, this XRP-hoarding company going public via a SPAC (because why not?), dropped an S-4 filing. Turns out they and Pathfinder Digital Assets had 473.1 million XRP by the end of last year. Impressive? Sure. Smart? Jury’s still out.
Here’s the math: they spent $214.1 million to buy 84.4 million XRP, averaging $2.54 per token. Fast forward to today, XRP’s at $1.45. That’s a 35% drop. Someone call the waaahmbulance. Meanwhile, accountants are like, “Impairment? Oh, we got you,” slapping a $233.7 million loss on the books.
And where did all this XRP come from? Not just the open market. Ripple, the XRP über-lord, chipped in 126.8 million XRP. Then some sponsor tossed in 211.3 million XRP via a Series C subscription. It’s like a crypto potluck, but no one brought the good stuff.
Evernorth’s not just hodling, though. Oh no. They’re getting “active.” Ripple’s RLUSD stablecoin? Check. DeFi liquidity pools? Check. Lending XRP? Check. Options strategies? Double check. Covered calls, cash-secured puts-they’re basically the Gordon Ramsay of crypto, trying to save this dish from disaster.
My take? If crypto were a TV show, this would be the episode where the protagonist makes every bad decision possible. Stay tuned for the next season, where they probably lose another $200 million. Can’t wait.
Read More
- Silver Rate Forecast
- Gold Rate Forecast
- 22 Films Where the White Protagonist Is Canonically the Sidekick to a Black Lead
- Unveiling the Schwab U.S. Dividend Equity ETF: A Portent of Financial Growth
- 15 Films That Were Shot Entirely on Phones
- How to Do Sculptor Without a Future in KCD2 – Get 3 Sculptor’s Things
- 20 Movies Where the Black Villain Was Secretly the Most Popular Character
- Games That Faced Bans in Countries Over Political Themes
- Brent Oil Forecast
- New HELLRAISER Video Game Brings Back Clive Barker and Original Pinhead, Doug Bradley
2026-03-19 15:54