Ripple-backed firm faces $220M unrealized loss as XRP slides

Group 1 - U.S. President Donald Trump's escalation of the tariff war with China led to a crypto flash crash on October 10, resulting in over $19 billion being wiped out from the digital assets market in a single day [1] - Evernorth Holdings, a digital asset treasury firm focused on XRP, was launched on October 20 and aims to provide investors with liquid and transparent exposure to XRP [2][3] - Evernorth Holdings, led by former Ripple executive Asheesh Birla, claims to be the largest public XRP treasury company and intends to capitalize on potential price increases of XRP [3] Group 2 - Evernorth Holdings is currently facing an unrealized loss of $220 million due to a nearly 35% decline in XRP since October 10 [4] - The traditional market is showing hesitance towards digital assets following the crypto crash, with concerns that volatility in digital assets could impact traditional equity benchmarks [5] - There is a risk that public crypto treasuries, such as Michael Saylor's Strategy (Nasdaq: MSTR), may face delisting from stock market indices like the MSCI USA Index if the situation persists [5][6]