An IVF Company Bought 146,432 XRP Last Year, Then Sold It All

What The SEC Filings Actually Say

Buried in an amended registration statement from a fertility clinic operator with units in Cambodia and Kyrgyzstan is one of the stranger corporate crypto disclosures of the year.

Newgenivf Group Limited, which trades on the Nasdaq Capital Market as NIVF, filed Amendment No. 2 to its Form F-1 on Sept. 10. Note 8 of the financial statements, headed digital assets, states:

“[During the year ended Dec. 31, 2025] the company began investing excess treasury balances in certain digital assets, comprising solana (“SOL”), bitcoin (“BTC”), ethereum (“ETH”), and a the token native to the XRP Ledger (“XRP”), all of which are blockchain-based crypto assets, as part of its capital allocation strategy.”

The company’s disclosures made sure to add that its primary business was “in-vitro fertilization (“IVF”) services,” and that the digital asset activity was “not part of its core operating activities.”

Moreover, the documents added that the firm did not mine, stake/lend, bought/sold crypto through a third-party trading platform (nor did it ever accept crypto from patients as remuneration).

The XRP Position That Left No Trace

Against an opening balance of zero, Newgenivf purchased 146,432.14 XRP during 2025 only to sell it all subsequently. The same pattern repeated for two other assets, with 8.77 BTC bought and sold, and 8.95 ETH bought and discarded. Only Solana remained held at year-end.

The realized results were strikingly small:

• The entire XRP exercise generated $10,849, or roughly seven cents per token.
• Bitcoin contributed $12,569
• Ether $223

For context, 8.77 BTC would be worth about $677,000 at a price point near today’s $77,300.

Furthermore, Newgenivf held 13,000.23 SOL at Dec. 31 against a cost basis of $2,906,222 and a fair value of $1,630,827, using a year-end SOL price of about $125. That is a $1.28 million unrealized loss, and it swamped the $942,915 of realized gains to leave a $332,480 net loss recorded in other income and expense.

The situation has not improved, given SOL is changing hands around $101.69 today, which values the retained position near $1.32 million and widens the unrealized loss to roughly $1.58 million against the disclosed cost basis.

The company seems to be in respectable company there, as Forward Industries, the largest corporate SOL holder, has been sitting more than $1 billion underwater on its own treasury.

XRP itself has had a difficult year, having slid down by 27% since the start of the year even as XRP Ledger activity and spot XRP exchange-traded fund (ETF) inflows climbed past $1.68 billion earlier this week.