Ripple-backed digital asset treasury firm Evernorth (ticker: XRPN) listed on Nasdaq on Monday, following the completion of its SPAC merger last Friday. The company holds 473 million XRP, which, based on the reference price in the transaction closing documents, has fallen in value by approximately 40% since the deal was signed in October 2025. Additionally, about 80% of SPAC investors chose to redeem their shares before the merger, withdrawing approximately $195 million. Tokyo-listed SBI Holdings now controls 39.9% of Evernorth's voting shares, while entities associated with Ripple co-founder Chris Larsen hold 9.9%.