Ripple-Backed Evernorth Now Down $78 Million as XRP Price Plunges - U.Today

According to cryptocurrency analytics platform CryptoQuant, XRP treasury firm Evernorth is already underwater

The firm’s stake is now down by $78 million, less than three weeks after the initial entry

Earlier today, the token plunged to an intraday low of $2.16. The token is now down a whopping 40.1% from its record high

On Nov. 4, Evernorth announced that it had purchased an additional $214 million worth of XRP

Evernorth positions itself as a “digital-asset treasury” (DAT) built to hold XRP on behalf of investors and corporations. The company has pledged to acquire over 473 million XRP tokens, raising a total of $1 billion via a merger with Armada Acquisition Corp II

The company has secured funding from the likes of Ripple and Japanese financial giant SBI Holdings

According to CryptoQuant, Evernorth has already purchased 388.7M XRP for roughly $947 million. However, it is now sitting on the unrealized loss of $79 million

Has DAT bubble burst?

Meanwhile, Strategy’s stock is down 53%. According to CryptoQuant, the stock is now trading right at the lower band ($221) of the MSTR Price Bands, which are based on its Bitcoin holdings.

Tokyo-based Metaplanet, which stole the show with massive gains last year, is now sitting on a substantial unrealized loss of $120 million. The stock is now down a whopping 80% from its record peak