Nasdaq's XRP Treasury Crashed Nearly 50% In a Month

Evernorth, a Ripple-backed XRP treasury company trading on Nasdaq as XRPN, has lost nearly 47% since its October 12 listing, closing at a record low of $10.05 on November 5 after reaching $19.39. The company holds about 473 million XRP. A preliminary S-1 registration filed October 30 lists 73.7 million Class A shares for 21 securityholders, almost three times the outstanding Class A stock; it does not confirm sales or plans to sell, and Evernorth would receive no proceeds. Investors redeemed about 80% of the SPAC’s public shares before its October 9 merger, while six-month sale restrictions for Ripple, Arrington, and a Larsen-linked entity generally expire April 9, 2027.