Ripple-Backed Evernorth Plunges 40% as Insiders Move to Sell 73.7 Million Shares

News By Alex Dovbnya Nov 11, 2026 Ripple-backed Evernorth has suffered a brutal stock market sell-off, with XRPN shares plunging nearly 48% from their Oct. 28 close as an SEC filing reveals that major investors, including Ripple Labs.Advertisement Ripple-Backed Evernorth Plunges 40% as Insiders Move to Sell 73.7 Million Shares

Cover image via U.Today

Ripple-backed XRP treasury company Evernorth Holdings (XRPN) has suffered a massive stock market sell-off, with its shares losing more than 40% of their value as major investors, including Ripple Labs, move closer to potentially selling millions of shares.

According to a prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Nov. 9, Evernorth has registered a staggering 73,688,162 Class A shares for potential resale by existing shareholders.

The filing comes amid a brutal market debut for the XRP-focused company, which began trading on Nasdaq under the XRPN ticker on Oct. 12.

HOT Stories Ripple's David Schwartz Reveals Massive XRP Sale ChainLink (LINK), Cardano (ADA), Dogecoin (DOGE) and Ethereum (ETH) Price Analysis for November 11: Bearish Market Hits Critical Fear Levels

Evernorth shares plunged 23.54% on Nov. 10 alone, closing at $7.96 after finishing the previous session at $10.41. Trading volume surged to approximately 1.39 million shares, compared to roughly 369,000 shares on Nov. 9.

The stock has now lost approximately 48% of its value since its Oct. 28 closing price of $15.26. Its decline is even more dramatic when measured against its debut-day high of $19.39, with losses approaching 59%.

Ripple among major shareholders

The SEC filing reveals that some of the most prominent companies and investors associated with the XRP ecosystem are among the shareholders whose holdings have been registered for potential resale.

Arrington XRP Capital Fund, which sponsored Evernorth's merger with Armada Acquisition Corp. II, accounts for the largest portion, with approximately 33.82 million shares.

Ripple Labs follows with approximately 18.14 million shares, while entities affiliated with Japanese financial giant SBI Holdings account for another 11.79 million shares.

The Larsen Lam Children's Remainder Trust, associated with Ripple co-founder Chris Larsen, has also registered roughly 7.15 million shares.

Other investors named in the filing include Pantera Capital, GSR Markets Switzerland and Kraken parent company Payward.

However, the registration does not mean these investors have already sold their shares or necessarily intend to liquidate their positions.

Importantly, Ripple, the Arrington-controlled sponsor and a Larsen-affiliated entity remain subject to six-month lock-up agreements established when Evernorth completed its business combination on Oct. 9.

These restrictions are generally scheduled to expire on April 9, 2027, although certain exceptions apply.

There is another important distinction. Of the 73.7 million shares covered by the prospectus, approximately 19.1 million are already issued Class A shares.

Evernorth will not receive proceeds from shareholder resales, although it could receive separate proceeds from the cash exercise of warrants.

#Ripple News #XRP News Advertisement

NewsNov 11, 2026 Bitcoin Core Breaks Silence on Three Patched Security VulnerabilitiesByAlex Dovbnya NewsNov 11, 2026 Avalanche (AVAX) Gains 4% After Securing Major NYSE PartnershipByDan BurginAdvertisement