Evernorth, the Ripple-backed XRP treasury company, plunges 23.5% in a day to $7.96, with up to 73.7 million shares registered for possible resale

Shares of Evernorth, the Ripple-backed company that holds XRP on its balance sheet, fell 23.5% on Tuesday, closing at $7.96 against $10.41 on Monday, News.Bitcoin.com reported. Volume was about 1.39 million shares, roughly four times the prior session. The stock began trading on Nasdaq on October 12 and reached $19.39 that day, so Tuesday's close is about 59% below that high.

The company has also registered shares for resale. Evernorth first filed to register up to 73,688,162 Class A shares with the SEC on October 30, CryptoMeter and CryptoSlate reported, and News.Bitcoin.com cites a final prospectus dated November 9. The shares would be sold by 21 holders, led by the sponsor Arrington XRP Capital Fund (about 33.8 million), Ripple Labs (about 18.1 million) and four SBI-affiliated entities (about 11.8 million). Evernorth says it will receive no proceeds from resales.

Not all of those are ordinary shares today: about 19.1 million are issued, and the rest would come from converting Class C stock or exchanging company units, plus some warrant shares. The total is nearly three times the Class A shares outstanding on October 22, CryptoMeter said. The filing does not show that any holder plans to sell. Ripple, the sponsor and a trust linked to Chris Larsen have six-month lock-ups that generally run to April 9, 2027, according to CryptoMeter.