XRPN Filing Names SBI, Ripple and Chris Larsen as Major Holders

Evernorth Holdings, the XRP treasury company now trading on Nasdaq as XRPN, has filed a Form 8-K that names its largest holders. The filing, dated October 13, 2026 and signed by chief executive Asheesh Birla, puts SBI Holdings at the top of the list. Ripple co-founder Chris Larsen, Ripple Labs Inc. and the deal's sponsor fund follow.

For anyone buying XRPN, the filing shows how much of the stock was placed with insiders and early backers before the public could trade it. Former SPAC public shareholders hold 20.5% of the outstanding Class A stock, according to the filing. Private placements account for 15,288,001 of the 23,638,882 Class A shares outstanding at closing.

The Holders the Filing Names

Evernorth closed its business combination with the SPAC Armada Acquisition Corp. II on October 9, 2026. The 8-K lists these beneficial ownership figures for Class A common stock, the class that trades under XRPN:

The filing gives Larsen a single figure. It does not break that stake down by entity, and it does not explain how it relates to a separate grant to the Larsen Lam Children's Remainder Trust. The trust received 661,867 Class A shares at closing, plus 6,491,583 units of Pathfinder Digital Assets LLC.

RippleWorks, Not Ripple Labs, Shares the Sponsor's Block

One line in the filing is easy to misread. It names the entity that shares control of a block of the sponsor's shares:

"Shares of Class A Common Stock over which Sponsor will share disposition and voting control with RippleWorks Inc.: 4,215,479"

That partner is RippleWorks Inc., not Ripple Labs. The two names are similar. In this filing they are listed separately, and Ripple Labs' own stake is the 1,678,382 shares in the table above.

Two Holders Own All the Class C Stock

The filing also counts a second class of stock. At closing, 31,392,746 Class C shares were outstanding. The sponsor was issued 29,033,708 of them, or 92.5% of the class. SBI holds the other 2,359,038, or 7.5%.

Those two numbers add up to every Class C share outstanding. Ordinary XRPN buyers hold Class A only. They hold none of Class C.

A Corrected Count and a $10 Entry Price

The 8-K corrects an earlier filing. Investors who signed delayed funding subscriptions received more shares than first reported:

"Evernorth issued an aggregate of 1,078,613 shares of Class A common stock ("Class A Common Stock") to such investors, not 663,510 shares as was indicated in the Current Report on Form 8-K filed after closing due to a clerical error"

Evernorth's own documents still disagree by one share. The 8-K says 1,078,613, while the press release attached to the same filing says 1,078,614.

Those shares were priced at $10.00 each, whether the subscriber paid in cash or in XRP tokens. Investors on advanced funding agreements received 10,669,636 Class A shares and 2,359,038 Class C shares. Across all private placements, Evernorth issued 22,953,128 Pathfinder units.

The filing also covers warrants, which trade as XRPNW. Each whole warrant can be exercised for one Class A share at $11.50.

A Former Coinbase Executive Runs the XRP Treasury

Alongside the filing, Evernorth announced that Hugo Jeandesboz, formerly Co-Chief Investment Officer of Coinbase Asset Management, has joined as Chief Investment Officer. He reports to Birla.

The release says he "leads Evernorth's XRP treasury strategy, including treasury allocation, liquidity management and the active management of Evernorth's own XRP holdings." The company says it is pursuing "strategies designed to grow XRP per share over time through institutional and DeFi yield strategies, ecosystem participation, and capital markets activities."

Neither document says how much XRP Evernorth actually holds. For a stock whose stated goal is more XRP per share, that is the number holders will want in the next filing.