Evernorth holds approximately 6.07 XRP per share; the stock trades at 1.87x its per-share asset value
Puntos clave
- •Evernorth, an XRP treasury company listed under the ticker XRPN, has approximately 6.07 XRP backing each share when considering the complete share structure disclosed in its filing with the SEC, according to an analysis by COINOTAG dated October 23, 2026.
- •The stock traded at approximately 1.87 times its per-share asset value, indicating that buyers paid nearly twice the market value of the XRP underlying each share.
- •The per-share calculation uses the complete disclosed share structure and not only the shares currently outstanding, a decision that reduces the per-share token holdings as the number of shares in the denominator grows.
- •The reported figures are snapshot values that would mechanically change upon recalculation if the XRP price, the stock price, or the number of shares varied.
- •Evernorth's shares, trading at a premium, fit into a broader pattern in which publicly traded digital asset treasury companies are evaluated through their per-share holdings and asset value ratios, similar to how premiums and discounts are tracked for closed-end funds.
Evernorth, an XRP treasury company that trades under the ticker XRPN, has backing of approximately 6.07 XRP tokens per share when considering the complete share structure disclosed in its filing with the SEC, according to an analysis published by COINOTAG on October 23, 2026. At the prices used in that analysis, the stock trades approximately 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), and not only the shares currently outstanding. Measured this way, each XRPN share corresponds to approximately 6.07 XRP, and the market price cited in the analysis is equivalent to approximately 1.87 times that per-share asset figure — a ratio that indicates the shares changed hands above the value of the underlying token holdings. This choice of denominator is important: the per-share holdings decrease as the number of shares used in the calculation increases. In practice, the 1.87x multiple means that buyers at the cited prices paid nearly twice the market value of the XRP backing 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 the token price, the stock price, or the number of shares would mechanically alter the ratio in a recalculation.
XRP is the native digital asset of the XRP Ledger, a blockchain focused on payments, and is closely associated with the payments company Ripple. In recent years, a growing number of publicly traded companies have adopted digital asset treasury strategies, holding cryptocurrencies such as XRP or bitcoin on their balance sheets as a central part of their operations. For these instruments, the per-share token holdings and the ratio of the stock price to net asset value are commonly referenced metrics, much like premiums and discounts are tracked for closed-end funds. Under that approach, a share that trades above its per-share asset value trades at a premium, while one that trades below does so 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
