The latest crypto downturn is hammering companies that built their business models around holding digital assets.
The month-long slide in crypto prices hasn’t just hit major assets like Bitcoin (BTC) and Ether (ETH) — it’s also dealing heavy losses to digital asset treasury companies that built their business models around accumulating crypto on their balance sheets.
That’s one of the key takeaways from a recent social media analysis by onchain data company CryptoQuant, which cited XRP-focused treasury company Evernorth as a prime example of the risks in this sector.
Evernorth has reportedly seen unrealized losses of about $78 million on its XRP position, mere weeks after acquiring the asset.
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