Evernorth Overhauls Share Structure Ahead of NASDAQ Debut
Evernorth Holdings, the XRP-focused treasury company, is preparing for its public listing on NASDAQ. To ensure alignment among investors and support its long-term strategy of building institutional access to the XRP ecosystem, Evernorth has revised its share allocation structure.
The original share allocations were determined when XRP was priced at $2.35, significantly higher than its current price tag of around $1. Under the new structure, Evernorth will use XRP's volume-weighted average price closer to the transaction's closing date, rather than the original method.
This change is expected to result in fewer shares being issued against the same XRP treasury, making each regular share worth more XRP and increasing the company's need for additional XRP to back its customers. The new structure has been backed by 95% of Evernorth's enterprise investors, who have agreed to subscribe to primary shares at $10 per share.
Evernorth's strong backing includes notable partners such as Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital, and GSR. The company aims to participate in the broader XRP ecosystem rather than simply speculating on its market value.