- Chris Larsen’s nonprofit, RippleWorks Inc., will exert substantial voting power over the for-profit Evernorth XRP treasury stock via its majority stake in Arrington XRP Capital Fund.
- An agreement requires Fund manager Michael Arrington to vote the shares “as directed by RippleWorks”, a structure the SEC filing admits creates “potential conflicts of interest.”
- Larsen’s entities receive a guaranteed share allocation plus bonus shares if XRP rallies, while the filing warns his interests may diverge from those of future public shareholders.
In March 2026, a complex financial deal involving crypto billionaire Chris Larsen will grant his nonprofit substantial control over Evernorth, a new XRP treasury stock headed for a Nasdaq listing. This structure, revealed in an SEC filing, centers around a blank-check company called Armada Acquisition.
However, Larsen’s RippleWorks Inc. invested $500,000 and over 211 million XRP tokens into Arrington XRP Capital Fund. Consequently, the nonprofit now holds a majority of the Fund’s limited partner interests.
The Fund’s general partner is managed by Michael Arrington. Meanwhile, a contractual agreement obligates Arrington to “vote such shares as directed by RippleWorks.”
Larsen also serves as executive chairman of Ripple, which is contributing 126 million XRP to the deal. Consequently, the SEC disclosure is frank about potential conflicts.
The filing states, “The economic interests of the Sponsor diverge from the economic interests of holders of the Public Shares.” It also warns Larsen’s dual roles could conflict with stockholder interests.
Making the deal more advantageous, RippleWorks and Ripple receive bonus shares if XRP rallies before closing. Even without a rally, they keep their shares at a fixed price.
Larsen’s nonprofit, which held $1.4 billion in assets in 2024, emerged in 2015 as a crypto-endowed foundation. Additional influence comes from the Larsen Lam Children’s Remainder Trust, contributing 50 million XRP.
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