Arrington XRP Capital Fund has disclosed a 19.9% voting stake in Nasdaq-listed Evernorth, while a related filing shows Rippleworks can direct the voting of 30.2 million of the fund’s shares.
The details emerged in a Form 3 signed on 19 October and filed with the Securities and Exchange Commission (SEC). The document is the initial ownership statement required from company insiders and shareholders holding at least 10%.
It names three reporting persons: Arrington XRP Capital Fund, Arrington Capital Management and Jack Michael Arrington, the Techcrunch founder who runs the firm.
A separate Schedule 13G puts the holding at exactly 19.9% of Evernorth’s 23,638,882 outstanding Class A shares as of 9 October. At Monday’s closing price of $15.23, that Class A stake was worth about $71.6m.
When Evernorth’s Class C shares are included on a converted basis, the value of Arrington’s position rises to about $514m.
The 19.9% figure is also the result of a restriction in Evernorth’s articles of incorporation. The Schedule 13G says the Class C shares cannot be converted within 60 days because conversion is “blocked by the 19.9% Rippleworks Maximum Ownership Restriction”.
That means Arrington’s economic interest is roughly seven times larger than the portion of the holding it can vote directly.
Rippleworks controls voting rights on most of the stake
Footnotes in the Form 3 refer to an agreement dated 17 October 2025 between Arrington XRP Capital Fund and Rippleworks. The agreement covers what the filing calls “DAT Side Pocket Shares”, with DAT standing for digital asset treasury.
The category includes 1,199,503 Class A shares and all 29,033,708 Class C shares. Under the agreement, Rippleworks “has the right to direct the voting” of those shares, while Arrington is “required to consult with Rippleworks” before selling them.
The filing therefore says Rippleworks “may therefore be deemed to share voting and dispositive power”.
In practical terms, a Ripple-linked organisation has influence over the voting of about 90% of Arrington’s economic interest in Evernorth. The disclosures do not represent a new purchase, but clarify who controls most of the votes attached to the stake.
The filings also add to a shareholder structure that already includes several Ripple-related names.
Arrington Capital SPAC I, the special purpose acquisition company (SPAC) behind Evernorth’s listing, has filed Form 15 to end its SEC reporting obligations. That closes the SPAC phase and leaves Evernorth as the public vehicle for the XRP treasury.
Evernorth shares remained close to their SPAC-era level of $10.57 through late September. They then climbed to $39.42 at the close on 2 October, before falling 61% to Monday’s $15.23 finish.
The company still holds 473 million XRP, which it plans to deploy with partners. With XRP trading at about $1.30, part of that holding is now worth less than its purchase value.
