XRPN Evernorth Holdings

mNAV1.54×

EV mNAV^†1.59×

Coins/share growth—

Inputs and sources

Item	Value	As of	Source
XRP price	$1.17	2026-11-07 16:18 KST	Binance
Stock price	10.58 USD	2026-11-07 06:00 KST	Yahoo Finance
Coins held	473,000,000	2026-10-09	S-1
Shares outstanding	80,440,554	2026-10-22	S-1
Cash & USD assets	none	—	—
Debt (face)	$30,000,000	2026-10-09	S-1
Preferred (liquidation pref.)	none	—	—

Coin value: 473,000,000 × $1.17 = $553.1M
Market cap: 80,440,554 sh × $10.58 = $851.1M
mNAV: $851.1M ÷ $553.1M = 1.54×
EV mNAV: ($851.1M + debt $30.0M + preferred 0 − cash 0) ÷ $553.1M = 1.59×
Coins / 1,000 shares: 5,880.1186 XRP
1.0× price: $6.88
Implied XRP price: $1.80
Avg purchase price: $2.44 2026-06-30 · S-1
vs. cost: -52.1% −$601.0M
Debt/NAV: 5%
Class A only: 0.50× 26,094,680 sh

XRP $

Stock at current mNAV (1.54×)—

Stock at 1.0×—

Stock price USD

mNAV—

Implied XRP price—

As of	Holdings	Change	Shares	Source
2026-10-09	473,000,000			S-1