Tue, 13/10/2026 - 16:48
SEC report exposes who really owns Nasdaq's new XRP stock, revealing massive stakes held by Chris Larsen, Ripple, and SBI Holdings.
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On October 12, official trading in shares of Evernorth Holdings Inc. (XRPN) began on the Nasdaq exchange. Simultaneously with the start of the full trading session, the issuer filed a fresh Form 8-K regulatory report with the SEC.
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The document corrected technical inaccuracies in the previous releases and recorded the final distribution of stakes among anchor investors, lifting the veil on exactly who controls the new XRP treasury.
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Who actually owns the new XRP treasury
According to the first-day trading report, Evernorth's treasury assets were formed through a direct exchange of XRP tokens for equity in the combined company (in-kind swaps).
The fresh document discloses the exact holdings of key Ripple insiders and strategic partners:
- Chris Larsen: The Ripple co-founder, personally and through affiliated entities, controls 2,340,249 Class A shares, making him the largest private individual in the register and the main focus of analysts' attention.
- Ripple Labs Inc.: Directly owns 1,678,382 Class A shares. Additionally, Ripple shares joint investment and voting control with the deal's Sponsor over another block of 4,215,479 shares.
- SBI Holdings, Inc.: The Japanese financial conglomerate recorded a large strategic presence, receiving 9,431,914 Class A shares and 2,359,038 Class C shares (7.5% of the total Class C volume).
- Arrington XRP Capital: The venture fund managed by Michael Arrington received 1,199,503 Class A shares.
In total, within the private placements, investors received 15,288,001 Class A shares and 31,392,746 Class C shares. Meanwhile, the former retail shareholders of the shell SPAC Armada received only 20.5% of the Class A shares in the new capital structure.
What is happening with the shares right now
The XRPN chart greeted the full start of trading with a sharp correction. For a long time before the merger, the stock sat stationary at the baseline $10.00 mark typical for SPACs.
In late September, on expectations of the deal closing, an aggressive speculative surge began, during which XRPN quotes soared vertically in pre-market trading to a peak of $48.50, and technical oscillators moved into deep overbought territory.
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By today's close, October 13, the share price had corrected to almost one-third of its highs and stabilized at $17.07 (showing a symbolic daily gain of +0.95%). The RSI returned to an entirely neutral zone (49.92).
The first wave of excitement is over: XRPN's dynamics will now depend solely on how the new management, led by former Coinbase Asset Management director Hugo Jandesboz, manages this tokenized XRP treasury.