Evernorth's Per-Share XRP Holdings Calculated at 6.07, Stock at 1.87x Asset Value

6.07 XRP Per Share

Evernorth's XRP backing comes to roughly 6.07 tokens per share once the full share structure from its SEC filing is counted, and at the prices used in the analysis the stock stands about 1.87 times above that per-share asset value. Evernorth, an XRP treasury company quoted under the ticker XRPN, is the subject of the primary document here: its October filing with the SEC states that the company holds about 473 million XRP following its business combination. An analysis by Dana Love divides those holdings across an economic share count of about 78 million shares, which includes the common stock listed in the filing plus convertible interests held by Ripple and the Larsen Trust. Applying the $15.09 Evernorth share price and the $1.33 XRP price her published video used, the XRP behind each share is worth about $8.07. Set against the $15.09 quote, the stock trades roughly 1.87 times the value of its underlying holdings. The calculation works like a P/E ratio computed on asset value instead of earnings, so it moves with every input: the share price, the XRP price and the divisor. XRP itself trades near $1.30 at the time of writing, down about 0.8% over the past 24 hours, slightly under the $1.33 the analysis assumed. That gap is small, but swings in both the coin and the stock since the combination make the multiple a snapshot rather than a standing quote. The consequential input is the divisor, because a narrower count of the same company produces the opposite conclusion, and the two readings cannot both describe the same company.

Class A, Class C and 78 Million Shares

The denominator question runs through the SEC document itself. The October filing lists 23,638,882 Class A common shares and 31,392,746 Class C shares issued at the time of the business combination, a common-share base of about 55 million. Counting only those common shares would put per-share holdings near 15 XRP; a number circulated by an anonymous data site takes exactly that route. On the narrower basis, at the video's prices, the holdings would be worth $19.95 per share and the stock would sit at roughly a 24% discount to the XRP behind it. Love's wider count adds convertible interests held by Ripple and the Larsen Trust and reaches about 78 million economically outstanding shares, the divisor behind the 6.07 figure, and under it the same comparison flips to a premium. The company has adjusted the record once already: it corrected an administrative error in an earlier filing covering the number of shares issued after the combination, which makes the October classes the count to work from. The two prices also anchor the comparison in a specific moment, since $15.09 was the share price in the video and $1.33 the XRP price on the same day, not quotes checked at publication. What no document settles is performance. Comparing the share price to per-share XRP value is not a valuation of the company, and Evernorth's own disclosure stays narrow: on October 14 it named Ripple, Kraken, Coinbase and BitGo as initial execution partners for an institutional strategy set to begin in Q4 2026, with the agreements conditional on closing conditions and required approvals. No size for the XRP to be deployed and no yield targets appear in the announcement, and how the coins would be held in the meantime, from exchange custody to cold wallet storage, is left open. Evernorth has said it intends to operate the XRP it holds, which is why these deployment details matter to the per-share math going forward.

Our live monitoring puts XRP near $1.30 with a market cap of about $82.3 billion, so the asset value behind each Evernorth share sits slightly below the $8.07 snapshot. The premium dispute is a fight over the divisor, and the filing backs the wider count, while the narrower one traces to an anonymous site. Growth in per-share XRP runs through XRP's tokenomics: per-share value rises only if the 473 million coins are put to work, and the deployment contracts remain subject to closing conditions and approvals with no size disclosed. The coin side reads firmer: XRP Ledger payment volume jumped 119.6% to 770.6 million XRP in 24 hours, and a $3.55 million net inflow reached Franklin Templeton's XRP ETF on October 23, both flows inside our XRP coverage. For a treasury vehicle built on a maturing altcoin, the multiple moves with the coin's price and the deployment record together; the coin's price is the settled part at $1.30, and the deployment record is still unwritten.