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Evernorth, Largest XRP Holder, Slips on Nasdaq Debut
Evernorth made its Nasdaq debut on Monday, but shares fell 1.05% despite holding about 473 million XRP. Investors await any actual token purchases.
12/10/2026 22:268 min read
Monday brought a rocky opening for Wall Street's latest XRP wager. Shares of Evernorth, a Ripple-backed firm with hundreds of millions of XRP in its treasury, jumped on the Nasdaq, only for investors to sell off the climb.
Evernorth Holdings (XRPN) hit $19.38 at its peak, then retreated to $16.39. By the close, the stock stood at $16.91, a 1.05% drop, on volume of roughly 1.29 million shares.
After-hours trading saw a small rebound.
The much-anticipated debut came after a merger with Armada Acquisition Corp. II, which closed on October 9. SEC documents show that investors holding 80.3% of the SPAC's redeemable shares had opted to redeem their stakes ahead of the deal.
Can Evernorth's Nasdaq Entry Lift XRP's Price?
Evernorth started trading on Nasdaq with about 473 million XRP, valued at roughly $648 million based on Monday's $1.37 token price. The firm also disclosed around $300 million in gross cash proceeds, prior to fees.
Yet the listing by itself does not generate new demand for XRP.
Per SEC filings, a significant portion of Evernorth's stash originated from investors swapping their existing XRP for equity. Purchasing XRPN shares on Nasdaq, therefore, does not directly lead to XRP buys.
In the same period, XRP itself slipped 3.03% in 24 hours, signaling that the stock-market debut did not stop the token's slide.
$XRP spot ETFs attracted $11.31 million in net inflows last week. Institutional demand for XRP is still coming through. Can that capital help drive the next move higher?
— That Martini Guy ₿ (@MartiniGuyYT) October 12, 2026
What Could Be Next for XRP?
The key issue is how Evernorth deploys its capital. Chief Executive Asheesh Birla said the firm would pursue strategies aimed at “grow XRP per share over time.”
Fresh XRP acquisitions could boost demand and underpin the price. Robust interest in XRPN shares might likewise enable Evernorth to secure more capital for expanding its hoard.
Persistent stock weakness, on the other hand, could complicate efforts to raise funds.
At this stage, XRP's path is still more dependent on wider crypto market trends. Rather than treating the Nasdaq listing as a bullish cue, investors should look for concrete token-purchase announcements from Evernorth.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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