Shares of Evernorth Holdings Inc. (XRPN) began official trading on the Nasdaq exchange on October 12, following the company’s public launch and merger. Alongside the opening, Evernorth filed an updated Form 8-K regulatory report with the Securities and Exchange Commission, correcting earlier technical errors and confirming the final distribution of shares among major investors. This report clarified the current ownership of the newly established XRP-linked treasury.
Key stakeholders and XRP treasury control
Evernorth’s reserves, referred to as the XRP treasury, were formed by directly swapping XRP tokens for equity in the company, through in-kind exchanges. The latest SEC filing disclosed the precise holdings of leading Ripple insiders and strategic partners in the new structure.
Chris Larsen, co-founder of Ripple, emerged as the largest private shareholder, controlling 2,340,249 Class A shares both personally and through related entities. Ripple Labs Inc. directly holds 1,678,382 Class A shares and shares joint investment and voting rights with the transaction’s sponsor over another 4,215,479 shares.
Japanese financial group SBI Holdings, Inc. established a significant presence with 9,431,914 Class A shares and 2,359,038 Class C shares, representing 7.5% of all Class C shares. Meanwhile, venture capital firm Arrington XRP Capital, managed by Michael Arrington, took 1,199,503 Class A shares.
In total, private placements distributed 15,288,001 Class A shares and 31,392,746 Class C shares to investors. By contrast, holders from the previous shell company Armada, which merged with Evernorth, secured only 20.5% of the available Class A shares in the new capital structure.
| Investor/Entity | Class A Shares | Class C Shares |
|---|---|---|
| Chris Larsen | 2,340,249 | – |
| Ripple Labs Inc. | 1,678,382 (+4,215,479 joint) | – |
| SBI Holdings, Inc. | 9,431,914 | 2,359,038 |
| Arrington XRP Capital | 1,199,503 | – |
Mini dictionary: Evernorth Holdings Inc., a public company, was formed through a SPAC merger and holds a treasury of XRP tokens, which are exchanged for company shares as part of its equity structure.
XRPN stock performance after debut
Trading in XRPN shares began with high volatility. Before the merger was completed, the stock maintained a steady baseline at $10.00 per share, a typical pattern for special purpose acquisition companies (SPACs).
Ahead of the deal’s closing in late September, expectations triggered a sharp speculative rally, pushing XRPN’s pre-market price as high as $48.50. This rapid climb pushed technical oscillators into significantly overbought territory.
By the October 13 close, XRPN had declined to $17.07, marking a fall of almost two-thirds from its peak. On the day, the share price showed a slight increase of 0.95%, while the Relative Strength Index (RSI) settled at a neutral 49.92.
Amid strong speculation, XRPN surged to $48.50 during pre-market trading in late September before correcting to $17.07 after its Nasdaq debut, returning its RSI to more balanced levels.
Leadership and outlook
The newly combined company’s future now rests with its executive team, headed by Hugo Jandesboz, who previously served as director at Coinbase Asset Management. Analysts believe the management’s handling of the tokenized XRP treasury will be critical for the company’s next phase.
Private investors, as the updated structure reveals, now hold the majority of Class A and C shares, positioning leading Ripple insiders and strategic partners at the center of Evernorth’s evolving capital framework.
With initial volatility subsiding, XRPN’s prospects are expected to hinge on how its management navigates the complexities of integrating XRP reserves and responding to ongoing market dynamics.
