Evernorth Discloses Major Beneficial Owners in Corrected Nasdaq Filing

Evernorth Holdings Inc. disclosed beneficial ownership by major XRP participants in a corrected filing, providing a fuller picture of the shareholder structure behind its new Nasdaq-listed treasury company.

Evernorth began trading under the ticker XRPN on Oct. 12, three days after completing its business combination with Armada Acquisition Corp. II. The company filed the correction Oct. 13.

Chris Larsen was listed as beneficially owning 2,340,249 Class A shares, while Ripple Labs Inc. was listed as beneficially owning 1,678,382 Class A shares.

SBI Holdings Inc. was listed as beneficially owning 9,431,914 Class A shares and 2,359,038 Class C shares, equal to 7.5% of Evernorth’s outstanding Class C shares.

Arrington XRP Capital Fund, LP, the transaction sponsor, was listed as beneficially owning 4,704,137 Class A shares and 29,033,708 Class C shares. The Class C position represented 92.5% of Evernorth’s outstanding Class C shares. The sponsor will share disposition and voting control with RippleWorks Inc. over 4,215,479 Class A shares.

Evernorth had 23,638,882 Class A shares and 31,392,746 Class C shares outstanding at closing. Class A shares carry economic and voting rights and trade under XRPN. Class C shares provide economic rights without voting rights and are not listed for trading, with conversion into Class A shares permitted under Evernorth’s capital structure.

Former Armada public shareholders held 20.5% of Evernorth’s outstanding Class A common stock at closing. Private-placement investors received 15,288,001 Class A shares and 31,392,746 Class C shares.

Evernorth corrected a clerical error involving the 1,078,613 Class A shares received by delayed-funding investors. The corrected figure was 1,078,613 shares, rather than the previously reported 663,510 shares, based on a $10 per-share price.

At closing, the company had approximately 473 million XRP and approximately $300 million in gross cash proceeds before transaction expenses. Founder and CEO Asheesh Birla described Evernorth as an actively managed XRP treasury built around public-market governance and transparency.

“We'll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP’s utility, and pursuing strategies designed to grow XRP per share over time,” Birla said.

XRPN represents equity in Evernorth, not direct ownership of XRP. The beneficial-ownership figures also do not establish that every share is held directly by the named individual or company. The corrected disclosure follows Evernorth’s Nasdaq debut.