Evernorth Holds Roughly 6.07 XRP per Share, Stock Priced at 1.87x Per-Share Asset Value
Key Takeaways
- •Evernorth, an XRP treasury company listed under the ticker XRPN, has roughly 6.07 XRP backing each share when the entire share structure disclosed in its SEC filing is counted, according to a COINOTAG analysis dated October 23, 2026.
- •The stock was trading at approximately 1.87 times its per-share asset value, indicating buyers were paying close to twice the market value of the XRP underlying each share.
- •The per-share calculation uses the complete disclosed share structure rather than only currently outstanding shares, a choice that reduces per-share token holdings as the share count in the denominator grows.
- •The reported figures are snapshot values that would mechanically change upon recalculation if XRP prices, the share price, or the share count moved.
- •Evernorth's premium-priced shares fit a wider pattern in which publicly quoted digital-asset treasury firms are evaluated through per-share holdings and asset-value ratios, similar to how premiums and discounts are tracked for closed-end funds.
Evernorth, an XRP treasury company quoted under the ticker XRPN, carries backing of roughly 6.07 XRP tokens per share once the full share structure disclosed in its SEC filing is counted, according to an analysis published by COINOTAG on October 23, 2026. At the prices used in that analysis, the stock stands about 1.87 times above its per-share asset value.
The calculation incorporates the company's complete share structure as disclosed in its filing with the U.S. Securities and Exchange Commission (SEC), rather than only shares currently outstanding. Measured this way, each XRPN share corresponds to approximately 6.07 XRP, and the market price cited in the analysis equals about 1.87 times that per-share asset figure — a ratio indicating that the shares are changing hands above the value of the underlying token holdings. That choice of denominator matters: per-share holdings shrink as the share count used in the calculation grows. In practice, the 1.87x multiple means buyers at the cited prices were paying close to twice the market value of the XRP standing behind each share. The figures are snapshot values — they reflect the prices used in the analysis and the share structure as disclosed — so any change in token price, share price, or share count would mechanically alter the ratio in a recalculation.
XRP is the native digital asset of the XRP Ledger, a payments-focused blockchain, and is closely associated with payments company Ripple. In recent years, a growing number of publicly quoted companies have adopted digital-asset treasury strategies, holding cryptocurrencies such as XRP or bitcoin on their balance sheets as a core part of their operations. For such vehicles, per-share token holdings and the ratio of the share price to net asset value are commonly referenced metrics, in much the same way that premiums and discounts are tracked for closed-end funds. Under that framing, a share priced above its per-share asset value trades at a premium, while one priced below trades at a discount.
The figures were first reported by COINOTAG. The original report is available at: Evernorth's Per-Share XRP Holdings Calculated at 6.07, Stock at 1.87x Asset Value
