Nasdaq-Listed XRP Treasury Evernorth Falls Nearly 50% in a Month

Since its October debut on the Nasdaq, Ripple-backed Evernorth has seen its share price fall by almost 47%. A fresh filing registering 73.7 million shares for resale by existing holders has meanwhile stoked concerns about further downside pressure.

That overhang could test confidence in what is among the biggest corporate bets on XRP.

Evernorth Contends With 73.7 Million Share Overhang

Evernorth, an XRP treasury company whose ticker is XRPN, has roughly 473 million XRP in its treasury. Its strategy is to build up the XRP held for each share.

The firm started trading on October 12 and climbed to $19.39. Yet the stock closed at an all-time low of $10.05 on November 5.

That slide has therefore wiped out much of the initial excitement around the listing.

Ahead of the merger closing on October 9, around 80% of the SPAC’s public shares had been redeemed by investors.

Meanwhile, a preliminary S-1 filing dated October 30 covers 73.7 million Class A shares held by 21 securityholders. That amount is nearly three times the company’s outstanding Class A shares.

Which Evernorth Holders Could Sell, and When?

The resale list includes several prominent backers. The largest registered positions consist of:

• Arrington XRP Capital Fund: approximately 33.82 million shares.
• Ripple Labs: about 18.14 million shares.
• Four SBI-affiliated entities: roughly 11.79 million shares in total.
• Larsen Lam Children’s Remainder Trust: around 7.15 million shares, connected to Ripple co-founder Chris Larsen.

Pantera, GSR, Kraken parent Payward, and gumi are among the smaller names listed. The filing, however, does not indicate that anyone has sold or is planning to sell.

Evernorth will also get none of the proceeds from any resales.

Lock-ups still offer some protection for now. Ripple, the sponsor connected to Arrington, and the Larsen-linked entity have all accepted six-month restrictions that generally run until April 9, 2027.

This kind of overhang frequently makes investors nervous, because even the mere chance of large trades can weigh on a freshly listed stock. XRP, meanwhile, was quoted near $1.24, down almost 5% in the last 24 hours.