Evernorth's Nasdaq Debut Ends Sharply Lower After XRP Treasury Details
Evernorth Holdings began trading on Nasdaq under the ticker XRPN on October 12 and filed an updated Form 8-K with the SEC. The filing described how XRP tokens were exchanged for shares in the merged company, with SBI Holdings holding the largest strategic stake. After reaching $48.50 in premarket trading, XRPN closed at $17.07 on October 13.
Evernorth’s SEC filing outlined how XRP tokens became equity in the merged company. SBI Holdings took the biggest strategic position, with 9,431,914 Class A and 2,359,038 Class C shares. Chris Larsen and affiliates held 2,340,249 Class A shares, while Ripple Labs directly held 1,678,382 Class A shares and shared influence over 4,215,479 more.
Private-placement investors received 15,288,001 Class A and 31,392,746 Class C shares. Former Armada SPAC investors got 20.5% of Class A shares. The stock had sat near $10 before deal-closing speculation, then hit $48.50 premarket before closing at $17.07 on October 13. Hugo Jandesboz, ex-Coinbase Asset Management, leads management.
The debut may affect retail and institutional investors exposed to crypto-linked equities, as sharp price swings can alter portfolios and risk perceptions. Employees and partners tied to Evernorth’s XRP treasury could see incentives and reputational effects. Broader markets may watch whether token-backed public companies attract more mainstream capital or reinforce concerns about volatility and disclosure. Regulators and exchanges could face continued attention over how such holdings are reported.