Evernorth Debuts on Nasdaq Amidst SPAC Investor Exodus and XRP Depreciation
Evernorth, backed by Ripple, began trading on Nasdaq after a SPAC merger, but faces challenges from investor withdrawals and a declining XRP value.
Evernorth, backed by Ripple, began trading on Nasdaq after a SPAC merger, but faces challenges from investor withdrawals and a declining XRP value. XRP (XRP) is trading at $1.37. This is an original TLT brief synthesising 2 outlets (Decrypt, Cointelegraph), plus live market data, as of Tue, 13 Oct 2026 21:15:03 UTC.
This development highlights the financial challenges facing Evernorth as it enters the public market, with significant implications for its major stakeholders, including Ripple and SBI Holdings. The situation underscores the risks associated with SPAC mergers and the volatility of cryptocurrency holdings.
- Evernorth's XRPN shares started trading on Nasdaq after SPAC merger completion.
- 80% of SPAC investors redeemed their shares before the debut.
- Evernorth's XRP holdings are now worth about 40% less than at the time of the merger agreement.
- Major stakeholders include Chris Larsen, Ripple, and SBI Holdings.
Decrypt and U.Today both report that Evernorth's XRPN shares began trading on Nasdaq following the completion of its SPAC merger. They agree that 80% of SPAC investors redeemed their shares prior to the debut, indicating a significant investor exodus. However, while Decrypt focuses on the 40% depreciation of Evernorth's XRP holdings compared to the signing value, U.Today emphasizes the ownership stakes of key figures like Chris Larsen, Ripple, and SBI Holdings, without providing specific figures for the XRP value decline.
- Evernorth Debuts on Nasdaq Amidst SPAC Investor Exodus and XRP Depreciation — this brief
- Evernorth's XRPN Stock Debuts on Nasdaq with Volatile Trading
- XRP's Wall Street Debut: Evernorth's XRPN Trades 1.29M Shares on Nasdaq Launch
Evernorth, a company with significant ties to Ripple, has made its debut on the Nasdaq stock exchange after finalizing a merger with a special purpose acquisition company (SPAC). However, the launch has been met with challenges as 80% of the SPAC's investors opted to redeem their shares before the listing, according to Decrypt and U.Today.
The situation is further complicated by the fact that Evernorth's 
XRP holdings, which are a substantial part of its assets, are now worth approximately 40% less than the value at the time of the merger agreement. This depreciation adds financial pressure on the company as it enters the public market.
U.Today's report sheds light on the ownership structure of Evernorth, revealing that major stakeholders include Chris Larsen, Ripple, and SBI Holdings. This information underscores the strategic importance of Evernorth to these key players in the cryptocurrency and financial technology sectors.
The broader market context shows a relatively stable cryptocurrency market, with 
Bitcoin experiencing a modest 24-hour increase of 0.45%. The total crypto market cap stands at $2.87 trillion, and the Fear & Greed index is at 57, indicating a sentiment of 'Greed' among investors.
XRP, the cryptocurrency closely associated with Ripple, is currently priced at $1.37, showing a slight 24-hour increase of 0.41% but a more significant 7-day decline of 8.85%. This recent performance may exacerbate concerns for Evernorth, given its substantial XRP holdings.
Since this brief published about 27 hours ago, XRP (XRP) has moved from $1.37 to $1.37 — +0.00%.
The chart plots XRP's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 XRP ≈ ₦1,873.66 (about $1.37), up 0.4% over 24 hours. The naira itself trades about 2.7% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Evernorth Debuts on Nasdaq Amidst SPAC Investor Exodus and X — questions & answers
What is Evernorth's relationship with Ripple?
Evernorth is a company backed by Ripple, with Ripple being one of its major stakeholders.
How much XRP does Evernorth hold?
Evernorth holds 473 million XRP, currently valued at approximately $648 million.
What is the significance of the SPAC investor redemption?
The 80% redemption rate indicates a significant lack of confidence in Evernorth's prospects among SPAC investors.
How much is 1 XRP worth in naira today?
About ₦1,873.66 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $1.37. The naira price moves with both XRP's US-dollar price and the USDT/NGN rate; use our XRP in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Decrypt, Cointelegraph, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.