Ripple-Backed Evernorth Crashes Over 23% as Insiders Get Cleared to Sell

Evernorth Holdings (Nasdaq: XRPN), a Ripple-backed XRP treasury company, fell 23.5% to $7.96 on Nov. 10 after a final prospectus covering up to 73.7 million shares for resale went live with the SEC. The filing clears insiders to sell, raising dilution and supply-overhang concerns. Traders watching XRP-linked equity vehicles should note the sharp repricing of the treasury-company model.