Evernorth Holdings (XRPN), a Ripple-backed XRP treasury company, saw its stock tumble more than 40% after a U.S. SEC filing revealed that major investors have registered 73,688,162 Class A shares for potential resale.
The stock fell 23.54% on Nov. 10 to close at $7.96, down from $10.41 the previous session, while trading volume surged to about 1.39 million shares from roughly 369,000 shares on Nov. 9. Since its Oct. 28 close of $15.26, the stock has lost approximately 48%, and it has declined nearly 59% from its debut-day high of $19.39.
The SEC prospectus, filed Nov. 9, lists Arrington XRP Capital Fund as the largest registered holder with approximately 33.82 million shares, followed by Ripple Labs with 18.14 million shares and SBI Holdings-affiliated entities with 11.79 million shares. The Larsen Lam Children’s Remainder Trust, associated with Ripple co-founder Chris Larsen, registered about 7.15 million shares. Other named investors include Pantera Capital, GSR Markets Switzerland and Kraken parent Payward.
Registration does not confirm that sales have occurred. Ripple, the Arrington-controlled sponsor and a Larsen-affiliated entity remain subject to six-month lock-up agreements from the Oct. 9 business combination, generally expiring April 9, 2027. About 19.1 million of the covered securities are already issued Class A shares, and Evernorth will not receive proceeds from shareholder resales, though it could receive funds from cash warrant exercises.
The stock began trading on Nasdaq under the ticker XRPN on Oct. 12 after completing its merger with Armada Acquisition Corp. II, and the latest disclosure has amplified concerns about future selling pressure across the XRP-focused company.
