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Nasdaq's XRP Treasury Crashed Nearly 50% In a Month
Ripple-backed Evernorth has lost nearly 47% since its October Nasdaq listing. Meanwhile, a new filing lists 73.7 million shares that holders could resell, raising fears of fresh selling pressure. The overhang could test investor confidence in one of the largest corporate bets on XRP.
Brief
Ripple-backed Evernorth, which holds about 473 million XRP, has fallen nearly 47% since its October Nasdaq debut under the ticker XRPN. The stock peaked at $19.39 and closed at $10.05 on November 5, its lowest close on record. A preliminary S-1 filed October 30 registers 73.7 million Class A shares that 21 securityholders could resell, close to three times the amount of Class A stock outstanding. Largest registered holders include the Arrington XRP Capital Fund, Ripple Labs and four SBI-affiliated entities. The filing does not confirm any sales, and Evernorth gets no resale proceeds. Lock-ups for Ripple, the Arrington sponsor and a Larsen-linked trust generally expire April 9, 2027. Separately, XRP traded near $1.24, down almost 5% over 24 hours.
Why it matters: A possible wave of resales could weigh on a newly listed XRP treasury stock and test investor confidence in a large corporate bet on XRP.
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