Evernorth’s XRP strategy hinges on one number after Nasdaq vote

- Evernorth wants to list on Nasdaq as XRPN with 473 million XRP and a 10-billion-share authorization that could dilute holders into oblivion — but sure, let's all pretend "XRP per share" is a sacred covenant and not a number management can water down faster than Chrome Syndicate debt terms. The plan: raise equity, buy more XRP, pray the ratio holds. Then layer in DeFi yield, XLS-66 lending vaults that aren't even live yet, RLUSD liquidity plays, and an AI treasury system from t54 that's supposed to monitor risk autonomously. Aggressive passive income, indeed. CEO Asheesh Birla says yield gets recycled into more XRP — which sounds great until a borrower defaults or an onchain vault eats the stack. The SEC declared the registration effective Aug. 27, Armada II shareholders vote Sept. 30, and if it clears, Evernorth becomes a publicly traded XRP treasury with more issuance capacity than sense. Where's my cut? Because right now the only thing guaranteed to grow is the share count.