Arrington XRP Fund Discloses $514M Evernorth Stake with Ripple Voting Control
SEC filings reveal Rippleworks directs voting power for nearly 90% of Arrington's Evernorth holdings.
1Significant Ownership Disclosure
Arrington XRP Capital Fund recently disclosed a 19.9% voting stake in Nasdaq-listed Evernorth. The filing, dated October 19, 2026, identifies three reporting entities including the fund itself, Arrington Capital Management, and founder Jack Michael Arrington. This disclosure clarifies the ownership structure behind the public shell currently holding a massive XRP treasury.
2Rippleworks Voting Control
Under an October 2025 letter agreement, Rippleworks maintains the right to direct voting for 30.2 million of the fund’s shares. This arrangement covers the digital asset treasury bucket, which includes nearly all Class C shares. Consequently, a Ripple-linked entity effectively controls the voting power for approximately 90% of the fund's economic stake.
3Valuation and Share Structure
The position is valued at approximately $514 million when counting Class C shares on a converted basis. While the Class A block is worth roughly $71.6 million at the October 19 closing price of $15.23, the total valuation reflects the underlying XRP treasury assets held by the public shell company Evernorth.
4Regulatory Ownership Caps
The 19.9% voting figure is strictly maintained due to a maximum ownership restriction in Evernorth’s articles of incorporation. This cap prevents the conversion of Class C shares within a 60-day window. As a result, Arrington currently holds an economic stake roughly seven times larger than the specific slice it can actually vote.
5Market Volatility and Performance
Evernorth shares experienced significant volatility, closing at $39.42 on October 2 before dropping 61% to $15.23 by October 19. The company’s valuation remains tied to its 473 million XRP holdings. With XRP trading near $1.30, a portion of this treasury stack is currently considered underwater, impacting the firm's overall paper valuation.
6SPAC Transition Complete
Arrington Capital SPAC I has officially filed Form 15 to terminate its SEC reporting obligations. This action concludes the special purpose acquisition company chapter for the entity. Evernorth now stands as the primary public shell for the XRP treasury, marking a transition from its initial SPAC-era status and reporting requirements.
7Strategic Voting Dynamics
The recent filings do not indicate new share acquisitions but clarify the governance mechanism behind the treasury. Arrington retains legal ownership of the shares, yet Ripple-linked entities hold the decision-making power for the majority of the block. This structure ensures that Ripple maintains influence over the treasury's direction despite the ownership cap.
8Future Governance Implications
The rigid 19.9% ownership restriction ensures that the current voting control dynamics will remain stable without further structural changes. Investors should monitor how this Ripple-directed voting power influences future deployments of the 473 million XRP treasury. The alignment between Arrington and Ripple remains a central factor in Evernorth’s long-term corporate strategy.