Evernorth’s XRPN Is 5.9 XRP Per Share, And You Pay Double for Them. Here’s why

Evernorth’s XRP treasury may be worth significantly less per share than some investors believe, raising questions about the valuation of its Nasdaq-listed stock, XRPN.

Although the company holds approximately 473 million XRP, a closer examination of its share structure suggests that investors receive exposure to just 5.9 XRP per share while paying nearly twice the value of the underlying holdings.

Crypto commentator BullRunners examined the company’s financial filings in a video shared on X, explaining why calculations based on its publicly traded shares alone produce a different result.

The analysis also examines Evernorth’s plans to generate returns from its XRP holdings, potential share dilution, and the approaching expiration of insider lockup agreements.

XRP STOCK (XRPN): 473 MILLION XRP, But Only 5.9 Per SHARE… And You Pay DOUBLE For Them. XRP Holders, Here’s Why (NO ONE IS READY)? pic.twitter.com/OsraqLntIO

— BULLRUNNERS (@BullrunnersHQ) October 31, 2026

Why the 18 XRP Per Share Calculation Is Misleading

BullRunners began by examining Evernorth’s reported XRP holdings and outstanding shares. The company holds approximately 473 million XRP, while its October 22, 2026 filing reported 26,094,680 publicly traded shares.

Dividing the XRP treasury by that share count produces approximately 18 XRP per share. At an XRP price of $1.29 on October 25, this represents roughly $23 in XRP exposure for a stock that closed at $15.06 on October 23.

That calculation suggests XRPN trades at a discount to its underlying XRP holdings. However, BullRunners explained that the calculation excludes additional shares and units that also represent ownership in the company’s treasury.

According to the commentator, Ripple holds units convertible into approximately 23 million shares, while an Arrington Capital fund has another 31 million shares tied to its investment. Including these amounts increases the effective share count to approximately 80 million.

Dividing 473 million XRP by that figure produces approximately 5.9 XRP per share. At $1.29 per XRP, the underlying exposure amounts to approximately $7.59, compared with XRPN’s $15.06 closing price.

BullRunners therefore calculated that investors were paying nearly twice the value of the XRP attributable to each share.

Evernorth’s XRP Accumulation and Shareholder Structure

The video also examined how Evernorth accumulated its 473 million XRP treasury.

Ripple contributed approximately 127 million XRP, while an Arrington Capital-managed fund supplied approximately 211 million XRP. Evernorth also used $214 million raised from investors to purchase approximately 84 million XRP at an average price of $2.54.

With XRP trading at $1.29 in the commentator’s calculation, those purchases were approximately 49% below their acquisition value.

BullRunners also highlighted the company’s earlier trading activity. Armada, the shell company that became Evernorth, reached $53 on October 2. However, approximately 80.3% of its original shareholders chose to redeem their shares for $10.58 each before the merger closed on October 9.

XRPN subsequently closed at $15.06 on October 23, representing a decline of approximately 72% from the earlier high.

Dilution, XRP Lending, and the April 2027 Date

Another concern raised in the video involves potential share dilution. BullRunners identified approximately 29 million additional shares that could emerge through warrants, employee compensation arrangements, and a share issuance agreement with Cantor Fitzgerald.

The commentator explained that Evernorth intends to increase its XRP holdings per share by issuing new shares when its stock trades above the value of its underlying assets. However, issuing shares below that valuation could reduce existing shareholders’ proportional exposure.

Evernorth also plans to generate returns by lending XRP to institutional counterparties and supplying tokens to decentralized lending protocols. This strategy could generate interest income, although it introduces counterparty risks for shareholders.

Finally, BullRunners highlighted April 9, 2027, when lockup restrictions affecting approximately 55 million shares and units are scheduled to expire.