Ripple-Backed Evernorth's XRP Treasury Just Lost Nearly Half Its Value
Nov 6, 2026
Evernorth, the Ripple-backed XRP treasury that listed on Nasdaq in October, has dropped nearly 47% in a month, and a new share filing could add more selling pressure.
A rough first month
Evernorth, the XRP treasury company backed by Ripple, has had a brutal start on Wall Street. Since its Nasdaq debut in October, the stock has fallen almost 47%, wiping out a huge chunk of value for early investors betting on one of the biggest corporate XRP plays out there.
The timing isn't helping. A new regulatory filing shows that holders now have the ability to resell roughly 73.7 million shares, which means there could be a wave of fresh selling on the way if those holders decide to cash out.
What it means for XRP
Evernorth was supposed to be a flagship example of institutions treating XRP like a treasury asset, similar to what MicroStrategy did with Bitcoin. A steep drop this early raises real questions about investor confidence in that strategy.
It doesn't necessarily say much about XRP itself, but it's a reminder that corporate treasury bets can be just as volatile as the underlying token, maybe even more so when leverage and public markets get involved.