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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.

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.

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.

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.