Ripple-backed Evernorth has registered up to 73.7 million shares for potential resale, according to an SEC filing that names several prominent investors in the XRP ecosystem. The registration covers nearly three times the company’s outstanding Class A shares, though not all registered securities are immediately available for sale.
Major Shareholders Listed
The filing identifies Arrington XRP Capital Fund as the largest shareholder listed, with approximately 33.82 million shares. Ripple Labs follows with about 18.14 million shares. Four entities connected to Japan’s SBI Holdings collectively account for around 11.79 million shares, while the Larsen Lam Children’s Remainder Trust, associated with Ripple co-founder Chris Larsen, has registered approximately 7.15 million shares.
Other participants include Pantera Capital’s DAT Opportunities fund, Kraken parent company Payward, GSR Markets Switzerland, and Japanese gaming company gumi.
Lock-Up Restrictions Limit Immediate Sales
Despite the size of the registration, several key shareholders remain subject to six-month lock-up agreements that generally prevent transfers until April 9, 2027, although certain exceptions apply. Ripple, the Arrington-controlled sponsor, and the Larsen-associated contributor entity are among those restricted.
Evernorth disclosed that approximately 7.04 million issued Class A shares, equivalent to 29.8% of the outstanding Class A stock at the merger closing, were covered by these restrictions.
The company said the filing fulfills existing contractual obligations related to its business combination and does not indicate that investors intend to sell their holdings.
Stock Performance and Market Sentiment
Evernorth, which trades on Nasdaq under the ticker XRPN, reached $19.39 on its October 12 debut before declining to a post-merger closing low of $11.70 on November 2. The company entered public markets with about 473 million XRP in its treasury, pursuing a strategy to expand its digital asset reserves and increase the amount of XRP held per share.
In its risk disclosures, Evernorth acknowledged that significant shareholder sales, or even expectations of future selling, could put downward pressure on its stock price. The April 2027 lock-up expiration remains a potential supply catalyst, while the effectiveness of the registration and individual shareholder decisions will ultimately determine how much additional selling pressure reaches the market.
