$1 Billion XRP Treasury Breakdown: How Much SBI Paid Per Share and Ripple Cofounder Chris Larsen's Involvement

While the crypto market is still digesting the news, an S-4 form has appeared in SEC filings revealing the true scale of Evernote Holdings’ ambitions. As it turns out, this is not just about a Nasdaq listing but about building a full-scale institutional "leviathan" based on $XRP with capital already exceeding $1 billion.

How Ripple and Chris Larsen fuel $XRP Treasury, and why SBI paid 30x more than Arrington

Of the most interesting, exclusive details the document exposed is a significant difference in terms for the main contributors. Arrington Capital acquired the original SPAC for just $0.33 per share. Meanwhile, SBI Holdings, the Japanese giant, entered in a big way, paying $10 per share in cash.

Nevertheless, due to their ultra-cheap entry, the voting power of Arrington and others is capped, whereas SBI appears to have no voting restrictions. Japanese capital here is not only the main liquidity provider but also a real decision-maker.

At the center of the structure stands the subsidiary Pathfinder, named after the native liquidity algorithm of the $XRP Ledger. This effectively serves as Evernote’s vault.

Ripple directly contributed 126 million $XRP to this fund. Chris Larsen, Ripple’s cofounder, played a more complex move. His fund, RippleWorks, invested 211 million $XRP into Arrington Capital, while Larsen himself added another 50 million $XRP through a family trust.

Within the $XRP holder community, this has sparked debate. Some see it as a cash-out, while others view it as a strategic capital contribution in exchange for equity in the new company.

Three key points are also worth noting:

• First, there will be no dividends, as officially confirmed. No shareholder payouts are planned. All company profits will go toward accumulating $XRP.
• Second, despite shares trading at $0.33, Evernote values its $XRP reserves internally at a price above $2. It is worth recalling that $XRP is currently trading at $1.44 per token.
• Finally, Evernote plans to become a benchmark for institutions and to launch a full-scale $XRP DeFi yield strategy by the end of 2026.

One could say that Evernote is the first official bridge through which conservative capital may flow into the $XRP Ledger ecosystem. The recognition of $XRP as a digital commodity has opened doors that SBI and Arrington entered first, while XRPN is preparing to step into the Nasdaq major league.