Key facts
- Evernorth registered 73,688,162 Class A shares and 239,653 sponsor warrants for potential resale.
- Arrington XRP Capital Fund is the largest possible seller with around 33.82 million shares.
- Ripple Labs could sell 18.14 million shares, and SBI-related firms are also named.
- Evernorth said it will not receive any proceeds from resales by shareholders.
- XRPN closed at $7.96 on November 10, down 23.5% from Friday's $10.41 close.
- Evernorth holds approximately 473 million XRP following its October business combination.
Evernorth Holdings, a publicly traded XRP treasury company backed by Ripple Labs, registered 73.7 million Class A shares and 239,653 sponsor warrants for potential resale by existing investors on November 9, 2026. The filing follows a decline in XRPN shares, which have lost more than 40% from their October debut high.
The SEC prospectus includes up to 73,688,162 Class A shares. Some 19.1 million have already been issued, 31.39 million require Class C conversions, and an additional 22.95 million would be obtainable through the unit exchange process, plus shares issued when warrants are exercised. Arrington XRP Capital Fund is the largest possible seller with around 33.82 million shares, followed by Ripple Labs with 18.14 million shares and SBI-related firms.
Evernorth said it will "not receive any proceeds" from any resales by shareholders. Registration does not imply that investors have sold shares, and some shareholders are still under six-month lock-up periods. Major shareholders also face transfer restrictions that generally extend into April 2027.
Evernorth closed at $7.96 on November 10, a 23.5% decline from Friday's $10.41 close, and down some 59% from its peak of $19.39 on October 12. Trading in XRPN began on October 12 after the company completed its merger with Armada Acquisition Corp. II.
The registered shares outnumber the approximately 26.1 million outstanding Class A shares reported in October, though most must be converted, exchanged, or exercised through warrants to become Class A stock. Evernorth reported approximately 473 million XRP in holdings following its October business combination. The company has partnered with Ripple, Kraken, Coinbase, and BitGo for custody, trading, and planned treasury activities, and established a separate equity facility with Cantor for up to 5.22 million additional shares.