Evernorth Holdings, an XRP treasury company going public through a SPAC merger, disclosed in a new S-4 filing that it and Pathfinder Digital Assets held about 473.1 million XRP as of the end of last year.

The document also gives investors a clearer look at how that position was built. Evernorth said it used $214.1 million in cash to acquire 84.4 million XRP, which works out to about $2.54 per token for that portion of the treasury. XRP is currently trading at $1.45, or down about 35% from the average purchase price.

The filing also points to a $233.7 million digital asset impairment for 2025 under U.S. accounting rules, reflecting the gap between purchase prices and lower market values at the reporting date.

The filing also shows the treasury did not come only from open-market buying. Ripple, a major player in the XRP ecosystem, contributed 126.8 million XRP to Pathfinder under a contribution agreement.

The sponsor separately contributed 211.3 million XRP through a Series C subscription tied to the broader deal, the filing shows.

Evernorth says it wants to actively manage its treasury rather than simply holding XRP and waiting for the token to rise. The S-4 says the company plans to use Ripple’s RLUSD stablecoin in XRP-based decentralized finance activity, including RLUSD/XRP liquidity pools.

It also expects to lend XRP, provide automated market-maker liquidity, and run options strategies, such as covered calls and cash-secured puts, to further monetize the company’s treasury.