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An XRP-focused fund managed by digital asset manager Arrington Capital holds about $514 million worth of shares in Evernode, a Nasdaq-listed company accumulating XRP as a treasury strategy, and some voting rights may be exercised by Ripple-affiliated foundation Rippleworks, Bitcoin.com reported.
According to an initial beneficial ownership filing on Form 3 submitted to the U.S. SEC, the fund holds about 4.7 million voting Class A shares, equal to a 19.9% stake, and about 29.03 million non-voting Class C shares. Under an agreement between the parties, Rippleworks may exercise voting rights tied to about 1.2 million Class A shares. It has the same rights over all Class C shares as well, but those shares carry no voting rights and cannot currently be converted into voting shares because of a 19.9% ownership cap in the company’s charter.