About 12 million additional Evernorth shares could become eligible for sale once a resale registration takes effect, according to crypto commentator Dana Love.
In a new video examining the XRP treasury company’s filings, Love argues that this potential supply matters more than the much larger registration headline & could reshape trading in a stock with a relatively small float.
XRPN fell from an opening price of $14.19 to $11.74 by early afternoon in the session discussed, a decline of roughly 17%. Love noted that the selloff followed the filing but stopped short of calling it the cause: “It’s a data point, not a verdict.”
The supply figure XRP investors should watch
The filing registers 73.7 million shares for resale across Evernorth’s capital structure. That does not mean all those shares are immediately available to sell.
Love’s calculation puts the existing tradable pool at roughly 7 million shares. Another approximately 12 million Class A shares could become eligible once the SEC declares the registration effective, potentially bringing that pool to about 19 million.
SBI Holdings owns 9.4 million Class A shares, or 36.1% of that class, according to the filing figures cited in the video. It is not among the holders subject to the six-month lockup ending around April 9; Ripple, the Arrington fund and the Larson trust are.
Eligibility is not intent. Love describes SBI’s investment as strategic and estimates that its main-round holdings were substantially underwater at the prices discussed.
XRP backing doesn’t erase the stock’s premium
The video also challenges share counts that exclude Evernorth’s other equity interests. Including Class A shares, Class C shares and exchangeable units, Love arrives at approximately 80.4 million shares against 473.3 million XRP – about 5.88 XRP per share.
At the video’s cited XRP price near $1.25, that represents roughly $7.35 in XRP per share. XRPN’s $11.74 price therefore still reflected a premium of about 60% to that backing.
Dana Love, PhD says the subscription agreements target registration effectiveness within 75 days of the October 9 closing, or December 23, with an extension possible if the SEC reviews the filing. That contractual timetable is not an SEC approval date.
Investors have two separate developments to watch: whether registered holders actually sell, and whether Evernorth uses its equity financing facility above XRP backing value to increase XRP per share.
More eligible stock could pressure the premium; issuing stock at a premium could improve the underlying XRP allocation.
