@jakeclaverqfop: Evernorth is a leveraged XRP holding company. They borrow to buy more XRP and deploy it into yield-generating products. Unlike an ETF, Evernorth can rehypothecate and lend their XRP to generate returns. That creates the potential for a sustained premium to net asset value, meaning your investment appreciates faster than XRP itself. The risk is the inverse. Trading at a discount to MNAV is possible during periods of market stress. Higher ceiling, higher floor risk than a spot ETF.

Jake Claver

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Monday 05 October 2026 22:33:13 GMT