Evernorth, a company backed by Ripple, SBI Group, and Pantera Capital, is changing the terms of its planned $1 billion Nasdaq listing. The move comes as XRP's price hits $1, prompting the firm to reduce the number of shares it will offer.
Why the share count is shrinking
Evernorth is cutting the share supply to protect investor net asset value. The listing formula is being altered to account for the higher XRP price. As the digital asset climbs, the value of the fund's holdings rises. To keep the net asset value per share from climbing too high, the company is reducing the number of shares.
The change means the $1 billion listing will now have fewer shares, but the total value remains the same. The company hasn't said exactly how many shares will be cut, only that the adjustment is designed to protect investor NAV.
The backers
Evernorth's backers include Ripple, the company behind XRP, as well as SBI Group and Pantera Capital. All three are well-known names in the crypto and fintech space. Their involvement gives the listing a strong tie to the digital asset market.
Ripple's connection to XRP is direct, and the price surge to $1 is what triggered the change. SBI Group and Pantera Capital have long been active in blockchain investments, so their support adds weight to Evernorth's plans.
The company has not announced a revised date for the Nasdaq listing. It's unclear how long the adjustment will take, but the move signals that Evernorth is committed to keeping the listing on track despite the price swing.
Investors will be watching for the new share count and any updated timeline. The company hasn't said whether the listing will proceed this quarter or later.
