Evernorth’s XRP Treasury Drops Nearly 47% as a 73.7 Million-Share Resale Shelf Opens

Evernorth Holdings (XRPN), an XRP treasury company backed by Ripple, has lost nearly 47% since its October Nasdaq listing, while a preliminary S-1 filing registers 73.7 million Class A shares that securityholders could resell.

Evernorth debuted on October 12 and reached a high of $19.39 before closing at a record low of $10.05 on November 5. The company holds about 473 million XRP and follows a strategy centered on growing XRP holdings per share. Investors had redeemed about 80% of the SPAC’s public shares before the merger closed on October 9.

The October 30 filing lists 73.7 million Class A shares for 21 securityholders, nearly three times the outstanding Class A stock. Registered holders include Arrington XRP Capital Fund with about 33.82 million shares, Ripple Labs with roughly 18.14 million shares, four SBI-affiliated entities with about 11.79 million shares combined, and Larsen Lam Children’s Remainder Trust with around 7.15 million shares, linked to Ripple co-founder Chris Larsen. Smaller holders include Pantera, GSR, Kraken parent Payward, and gumi.

The filing does not confirm that any registered holder has sold or plans to sell shares, and Evernorth will receive no proceeds from any resales. Ripple, the Arrington sponsor, and the Larsen-linked entity agreed to six-month lock-up restrictions that generally expire on April 9, 2027.

Meanwhile, XRP traded near $1.24, down nearly 5% in 24 hours.