Evernorth, an XRP treasury company trading on Nasdaq under the ticker XRPN, has lost nearly 47% since its October listing, according to BeInCrypto. The decline comes as a preliminary S-1 filing registers 73.7 million Class A shares for potential resale by 21 securityholders.
Share Overhang and Price Decline
The company debuted on October 12 and reached a high of $19.39. On November 5, the stock closed at a record low of $10.05. The filing, dated October 30, registers a number of shares equal to nearly three times the outstanding Class A stock.
Evernorth holds about 473 million XRP and centers its strategy on growing XRP holdings per share. Investors redeemed about 80% of the SPAC’s public shares before the merger closed on October 9.
Registered Holders and Lock-Ups
The largest registered holders on the resale list 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 the 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 anyone has sold or plans to sell, and Evernorth will receive no proceeds from any resales. Lock-ups provide some protection for now: Ripple, the Arrington sponsor, and the Larsen-linked entity agreed to six-month restrictions that generally expire on April 9, 2027.
Meanwhile, XRP traded near $1.24, down nearly 5% in 24 hours.
