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Evernorth shares may offer far less XRP exposure than a popular treasury tracker suggests. In a video examining the company’s SEC filings, analyst Dana Love calculates roughly 6.07 XRP per share—not the approximately 15 XRP shown by the unnamed data site—a difference that turns an apparent bargain into a substantial premium.
Using prices quoted in the YouTube video, XRPN traded at $15.09 while XRP stood at $1.33. The company’s XRP holdings therefore represented about $8.07 per share, putting the stock at roughly 1.87 times its underlying XRP value.
The shares missing from the calculation
The discrepancy comes from the denominator. According to Love, the tracker divides Evernorth’s approximately 473 million XRP by roughly 32 million shares, while the filings support an economic share count of about 78 million.
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That larger total includes publicly traded Class A shares, nonvoting Class C shares with equivalent economics, and exchangeable units held by Ripple and the Larsen Trust. “Those shares still own the XRP,” Love says.
Using the tracker’s approximately 15 XRP per share produces $19.95 in XRP backing at the quoted token price, making XRPN appear to trade at a 24% discount. The broader count reverses that interpretation. These calculations compare the stock price with XRP holdings, rather than establishing a complete valuation of the business.
The premium does offer a potential advantage: Evernorth could issue shares above their XRP backing and use the proceeds to increase XRP holdings per existing share. That opportunity depends on execution, not merely maintaining a high stock price.
The lending strategy still needs validator approval
Evernorth’s October 14 announcement named Ripple, Kraken, Coinbase and BitGo as execution partners, with deployment planned that quarter. Love notes that the release supplied neither an allocation amount nor a return target, and said partnership agreements remained subject to closing conditions.
Its on-ledger strategy faces another hurdle. In the dashboard snapshot cited in the video, the XRP Ledger’s Lending Protocol had support from 18 of 32 trusted validators, below the 26 needed to reach the 80% threshold. Approval must hold for two consecutive weeks.
The proposed lending involves fixed-term, uncollateralized loans, with first-loss capital providing a cushion before vault depositors bear losses. For investors paying above Evernorth’s XRP backing, the unanswered questions are concrete: how much capital gets deployed, what it earns, and whether those returns justify the credit risk.
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