Evernorth Stock Plummets 68% on Nasdaq Debut Amid XRP Treasury Losses

Key Facts

1Evernorth shares closed at $16.91, down 68% from its $53 high on its first day of trading.

2The company appointed former Coinbase executive Hugo Jeandesboz as CIO to manage its XRP treasury.

3Evernorth's $214M XRP purchase is currently 46% underwater with XRP price at $1.37.

Evernorth shares closed at $16.91 on its Nasdaq debut day, marking a 68% drop from its intraday high of $53. According to news.bitcoin.com, the collapse occurred as the company appointed former Coinbase executive Hugo Jeandesboz as Chief Investment Officer to manage its XRP treasury.

The company's $214 million XRP purchase is currently 46% underwater, with the XRP price trading at $1.37. In related market activity, NDAQ closed at $94.29 and COIN closed at $180.39 on October 12, 2026.