Evernorth Holdings, an XRP-centric treasury entity with strong connections to Ripple executives, has seen nearly $100 million wiped off the value of its XRP portfolio since the firm began accumulating the digital asset in late October.

According to CryptoQuant’s analysis, the Ripple-backed firm purchased around 389 million XRP for roughly $947 million.

With XRP trading at over $2 at press time, Evernorth’s holdings are valued at over $850 million, representing an unrealized loss of over $95 million.

XRP, Ripple’s native crypto asset, plummeted around 24% in the last 30 days amid a market-wide correction that sent Bitcoin tumble below $100,000 for the first time since June.

The decline continues despite recent positive developments, including Ripple’s $500 million fundraising from top-tier institutional investors.