SBI Holdings Secures 9.43M Shares in Evernorth's XRP Treasury, 8-K Shows

SEC 8-K Sets Out XRP Treasury Stakes

Evernorth Holdings spent its first full Nasdaq session under the detail of a fresh regulatory disclosure, and the document settles the question that has hung over the vehicle since the merger closed: who actually owns the XRP treasury. The company filed a Form 8-K with the SEC on October 12, the Monday when trading in its stock under the ticker XRPN began in a full session on the exchange, and it corrects technical inaccuracies in earlier releases while recording the final allocation among anchor investors. The XRP price, meanwhile, traded near $1.37 on Tuesday, up 0.4% over 24 hours, so the asset backing the new structure is steady as the ownership map goes public.

The treasury itself was built through in-kind swaps, a structure in which XRP tokens are exchanged directly for equity in the combined company rather than bought on the open market. That design made the register unusually legible, and the vehicle, often described as a tokenized stock, now has its control structure fully on the record. SBI Holdings, the Japanese financial conglomerate, took the largest strategic position: 9,431,914 Class A shares and 2,359,038 Class C shares, equal to 7.5% of total Class C volume. Ripple co-founder Chris Larsen, directly and through affiliated entities, holds 2,340,249 Class A shares, the largest individual stake on the register. Ripple Labs owns 1,678,382 Class A shares outright and carries joint investment and voting control with the deal's sponsor over a further block of 4,215,479 shares. Arrington XRP Capital, the venture fund managed by Michael Arrington, received 1,199,503 Class A shares. In aggregate, private placement investors received 15,288,001 Class A shares and 31,392,746 Class C shares, while former retail holders of the shell SPAC Armada were left with only 20.5% of the Class A shares in the new capital structure, a dilution the filing states plainly.

XRPN Cools From a $48.50 Peak

The trading tape told a second story about the same vehicle. XRPN sat stationary at the $10.00 baseline typical of SPAC shells through most of the run-up to the merger, then caught a violent speculative bid in late September as traders positioned for the deal to close. Quotes ran vertically in pre-market trading to a peak of $48.50, and technical oscillators moved deep into overbought territory. The spike did not survive contact with regular two-way trading. By Tuesday's close on October 13, the stock had corrected to roughly a third of its high and stabilized at $17.07, a symbolic daily gain of +0.95%, while the RSI eased back to 49.92, neutral territory. For holders of the underlying token, the separation matters: XRPN's run was driven by deal expectations, not by the asset in the vault, and the gap between the two is now the market's problem to price. Our earlier reporting on Evernorth's $214 million XRP position sitting 46% under water sets out the entry-cost side of that equation. Leadership is the next variable. Hugo Jandesboz, formerly a director at Coinbase Asset Management, runs the company, and the first wave of excitement has passed. What the register now shows is a concentrated, institutional shareholder base with skin in the game, since SBI, Ripple and Larsen together control blocks that dwarf the public float created by the Armada dilution. From here, XRPN's direction depends on how this team manages the treasury it inherited, whether it deploys the XRP productively, hedges it or simply holds.

XRP Levels After the Debut

Spot trades at $1.3677, up 0.4% over 24 hours, and the trend reads sideways with the RSI at 41.89. On our composite scoring, resistance at $1.3865 carries 74/100 just above the tape, while support at $1.3151 is the stronger barrier at 91/100. What the register changes is exposure, not direction. Evernorth's shareholders now hold second-hand exposure to an asset whose market cap, about $86.4 billion, is itself the subject of debate; asked when it crosses $100 billion, ChatGPT and Gemini split by 43 days. Derivatives desks are calm for now: the perp funding rate prints -0.0008% and the long/short account ratio stands at 2.80, though $17.97 million of long liquidations in a recent single-day squeeze shows how quickly that calm can break. A close below $1.3151 would dent the treasury math behind XRPN; a push through $1.3865 would hand the mark-to-market a quick lift. The debut also folds Evernorth into a broader altcoin treasury race in which listed wrappers compete with direct token exposure, and the 8-K just told the market exactly who is on each side of that trade.