Evernorth at roughly twice its treasury value and Strategy below it: how much are you really paying for a dollar of cryptocurrency?

The first dedicated XRP treasury company listed on Nasdaq under its new name, and its shares closed at 16.91 dollars, roughly twice the value of its XRP holdings, according to EL7's estimate from its disclosures. In the same week, Strive sold new shares to buy 3,311 bitcoin, while Strategy's common shares trade at roughly 0.73 of the value of its bitcoin holdings. This research explains the multiple that measures this gap and why it determines what each company can do.

2.08

Dollars an Evernorth shareholder pays for each dollar of XRP in its treasury

1.14

Times the value of bitcoin: Strive's multiple as it sells shares and buys

0.73

Of bitcoin's value: the market capitalisation of Strategy's common shares

4.5

Million Evernorth shares left in public hands after redemptions

This part of the paper is open to EL7 Pro members and to free members who use one of this month's free papers on it. The paper goes on to analyse the numbers, the causes and what they mean for investors, with tables, charts and sources.

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EL7 Research · Cryptocurrencies

13 October 2026 · Prices as of the 12 October close, UTC