Evernorth Holdings, backed by Ripple, reported a $233.7 million impairment on its XRP reserves in 2025, as disclosed in its SPAC listing S-4 filing. The impairment resulted from the disparity between the purchase cost and current market prices, with XRP's value dropping approximately 35% from its acquisition cost of $2.54 to around $1.45. Evernorth and Pathfinder Digital Assets hold a combined 473.1 million XRP, with Evernorth acquiring 84.4 million XRP for $214.1 million. To boost returns, Evernorth plans to actively manage its XRP reserves by integrating the RLUSD stablecoin into DeFi transactions, creating RLUSD/XRP liquidity pools, and enhancing yields through XRP lending, AMM liquidity, and options strategies like covered calls and cash-secured puts.