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

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Ripple-backed XRP treasury company Evernorth Holdings (XRPN) is under extreme pressure as its shares have declined by over 40% while big investors like Ripple Labs move closer to potentially selling millions of shares.

Earlier this week, Evernorth filed a prospectus with the U.S. Securities and Exchange Commission (SEC), indicating that the XRP-focused company has registered a whopping 73,688,162 Class A shares for potential resale by existing shareholders.

Evernorth's prospectus comes as the XRP-focused company is enduring a brutal stock market debut. XRPN began trading on Nasdaq on Oct. 12.

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On Nov. 10, Evernorth's stock price dropped 23.54%. XRPN ended the day at $7.96, compared to $10.41 in the previous trading session. Moreover, about 1.39 million shares were traded, which is a significant jump from about 369,000 shares on Nov. 9.

So far, Evernorth's share price has declined by around 48% from its closing price on Oct. 28 ($15.26). The magnitude of the decline is even greater if we consider the high share price on its debut day ($19.39). XRPN's stock price is down by around 59% from that high.

The biggest shareholders among sellers

Some of the biggest names and companies linked to the XRP ecosystem are shareholders who have registered shares for potential sale, as per the prospectus filed with the SEC.

For instance, the biggest shareholder is Arrington XRP Capital Fund, which was a sponsor of the merger between Evernorth and Armada Acquisition Corp. II. It has about 33.82 million shares registered for possible resale.

Similarly, the second-largest shareholder is Ripple Labs, which has about 18.14 million shares registered. Then there are various entities linked to SBI Holdings, a big Japanese financial institution. They have 11.79 million shares registered, as per the prospectus filed with the SEC.

The Larsen Lam Children's Remainder Trust, which is linked to Ripple co-founder Chris Larsen, has about 7.15 million shares registered for possible sale.

Other names mentioned in the filing include Pantera Capital, GSR Markets Switzerland and Kraken parent firm Payward.

It is important to understand that the fact that they've registered shares for sale doesn't mean that these investors have sold their holdings or necessarily plan to sell them.

For example, Ripple, the Arrington-sponsored entity and a Larsen-linked entity are all subject to six-month lock-up agreements following the completion of Evernorth's business combination on Oct. 9.

These lock-up agreements are typically set to expire on April 9, 2027, with some exceptions.

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