Evernorth Holdings, an $XRPtreasury 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 $XRPas 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. $XRPis 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 $XRPecosystem, contributed 126.8 million $XRPto Pathfinder under a contribution agreement.

The sponsor separately contributed 211.3 million $XRPthrough 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 $XRPand waiting for the token to rise. The S-4 says the company plans to use Ripple’s $RLUSDstablecoin in $XRP-based decentralized finance activity, including $RLUSD/$XRPliquidity 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.