Nasdaq's XRP Treasury Crashed Nearly 50% In a Month
Evernorth, an XRP treasury company, has seen its shares plummet nearly 47% since its October Nasdaq listing, with a new filing revealing 73.7 million shares that could be resold.
The decline has erased much of the early enthusiasm surrounding Evernorth's October 12 debut. The company, which holds about 473 million XRP and aims to grow XRP holdings per share, hit a high of $19.39 but closed at a record low of $10.05 on November 5.
Potential Selling Pressure
A preliminary S-1 filing from October 30 registered 73.7 million Class A shares for 21 securityholders—nearly three times the outstanding Class A stock. Major backers include Ripple Labs with roughly 18.14 million shares, Arrington XRP Capital Fund with about 33.82 million shares, and four SBI-affiliated entities with about 11.79 million shares combined.
Overhangs like this often worry investors, because even the possibility of large sales can pressure a newly listed stock.
Lock-Up Protections
Some protections remain in place, as Ripple, the Arrington sponsor, and the Larsen-linked entity agreed to six-month restrictions that generally expire on April 9, 2027. Evernorth will receive no proceeds from any resales, though the filing doesn't confirm anyone has sold or plans to sell.
Meanwhile, XRP itself traded near $1.24, down nearly 5% in 24 hours, as the broader market reacts to the potential oversupply of Evernorth shares and the company's struggling stock performance.
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