Arrington XRP Capital Fund disclosed a 19.9% voting stake in Nasdaq-listed Evernorth in an Oct. 19 SEC filing, revealing a complex ownership structure where Ripple-linked entity Rippleworks controls voting rights on a significant portion of the fund's shares.
The Form 3 filing lists 4.7 million Evernorth Class A shares held directly by the fund, along with 29 million Class C non-voting shares that are convertible one-for-one into Class A shares. The fund also holds warrants with an $11.50 exercise price. At Monday's $15.23 closing price, the Class A holdings are worth approximately $71.6 million, while the total position including convertible shares is valued at about $514 million.
Ripple Voting Control
An Oct. 17, 2025 letter agreement between Arrington XRP Capital Fund and Rippleworks grants the Ripple-linked entity the right to direct voting on roughly 1.2 million Class A shares and all 29 million Class C shares in what the filing describes as a "DAT Side Pocket," or digital asset treasury bucket. Rippleworks is also required to be consulted before the fund sells these shares.
The voting control arrangement means Rippleworks "may be deemed to share voting and dispositive power" over approximately 90% of Arrington's economic stake in Evernorth. The 19.9% ownership figure reflects a restriction in Evernorth's articles of incorporation that prevents conversion of Class C shares beyond that threshold.
Ripple's Broader Evernorth Position
The filings reveal multiple Ripple-linked ownership stakes in Evernorth. Ripple Labs holds 7.1% of the company through 1.6 million shares, while Chris Larsen, identified as Ripple's controlling shareholder, holds 9.9% through Ripple and a family trust. Stuart Alderoty, Ripple's Chief Legal Officer, is listed as an Evernorth director.
Evernorth emerged from a SPAC merger with Arrington Capital SPAC I, which filed a Form 15 to end its SEC reporting obligations.
Stock Performance
Evernorth shares remained near their $10.57 SPAC-era level through late September before rising to $39.42 on Oct. 2. The stock then declined 61% to $15.23 as of Monday. The company holds 473 million XRP intended for deployment with partners.
