Evernorth will list underwater. Then comes the vote

The XRP treasury company assembled $1 billion in commitments at an average cost near $2.54. XRP trades near $1.10. Before it can list, the SPAC shareholders funding the deal get to choose between a stake in that position and their cash back at trust value, and that choice is the whole story. Summary Evernorth is a digital asset treasury company built to hold XRP, capitalized through a special purpose acquisition company merger with roughly $1 billion in committed capital from Ripple, SBI, Pantera, and Kraken among others. The disclosed cost basis is the problem: roughly 473 million XRP acquired at an average near $2.54, against a token trading near $1.10, an unrealized deficit above 50% before the entity has listed. Ripple’s own contribution of roughly 127 million XRP sits inside that position, making the token’s issuer a large holder of a vehicle underwater on the token. SPAC shareholders hold redemption rights, meaning they can take trust value in cash instead of equity in the combined company, and every redemption shrinks the cash that reaches the listed entity. The structural question the coverage avoids: why a rational SPAC holder would accept shares in a treasury vehicle mark...