Evernorth Holdings is revising the terms of its planned Nasdaq listing after XRP dropped to roughly $1 from the $2.36 price assumed in the original deal structure, according to the company's announcement.
Under the revised structure, share price remains fixed at $10 each, but the number of XRP tokens each share will represent now depends on XRP's volume-weighted average price at deal closing rather than a preset amount. The recalibration allows the transaction to proceed without requiring investors to accept a lower effective value per share. More than 95% of committed investors have approved the revised terms.
Evernorth, a crypto treasury and financial infrastructure firm, holds 473.27 million XRP. The company has been preparing for a public listing for months, with the original deal framework built around XRP trading near $2.36. The token's decline to the $1 level created a material gap between assumption and market price, requiring the company to restructure how its XRP holdings convert into equity for incoming public shareholders.
The revision preserves the $1 billion valuation target while protecting both Evernorth and its investors from the volatility in XRP's spot price before closing. Shares priced at $10 with a floating XRP component are common in crypto treasury structures, as they decouple the equity price from intraday token swings. The mechanism allows Evernorth to lock in the shareholder economics without locking in a specific XRP amount weeks in advance.
Evernorth faced a choice between repricing the deal or adjusting the token component after XRP fell 58% from the original deal assumption. The company chose to adjust the token component. More than 95% of financial sponsors and strategic buyers committed to the deal approved the revised terms.
The company's next milestone is clearing regulatory review and achieving final Nasdaq approval. The document to watch is the S-1 registration statement, which will detail the final transaction mechanics and the exact formula for converting XRP holdings into share issuance at closing.
