How a Lengthy Deal Cost the Firm $450 Million
The prolonged merger process exerted considerable strain on the listing. The agreement was finalized in late 2025, with $XRP priced at $2.37. With the token now trading between $1.34 and $1.40, Evernorth’s initial holdings (473 million $XRP and approximately $300 million in cash) have experienced a “paper” loss of nearly $450 million in their treasury portfolio.
Investor doubts are reflected in the capital layout: 80.3% of the original SPAC investors chose to withdraw their funds in cash ($10.58 per share) rather than convert it into equity in the cryptocurrency venture. Consequently, the actual free float of XRPN on NASDAQ diminished to a minimal 4.5 million shares.
This lack of liquidity ensures significant price volatility and sharp fluctuations for investors.
Insider Activity on Hold: How Regulators and $XRP Fluctuated Post-Listing
Recent disclosures from the SEC indicate that the project is predominantly under the influence of major institutional players and Ripple’s founders:
- The largest share, 39.9% of voting rights, is held by Japanese conglomerate SBI Holdings.
- Arrington Capital, a venture capital firm, possesses 19.9% (having contributed 211 million $XRP to the entity).
- Chris Larsen, a co-founder of Ripple, holds 9.9% through a trust.
- Ripple Labs maintains a limited 9.9% stake (having contributed 177 million $XRP).
To mitigate immediate share sell-offs by insiders, the SEC has enforced a stringent six-month lock-up on the stakes held by Arrington, Larsen, and Ripple, which prohibits sales in the open market until April 2027.
In response to the listing, the cryptocurrency market exhibited a typical “buy the rumor, sell the news” phenomenon. Since Evernorth had already procured its entire $XRP supply through over-the-counter transactions beforehand, there was no immediate surge of demand on exchanges.
Following a speculative increase of the token above $1.55 driven by expectations, $XRP has recently retraced to the range of $1.34 to $1.36 this week.