Evernorth's XRP Bet Just Got $30 Million Bigger
Sep 20, 2026
XRP treasury company Evernorth secured fresh funding tied to its pending Nasdaq listing, though the deal still hinges on a few final steps.
More Cash, But With Strings Attached
Evernorth, the company building a public treasury around XRP, just landed another $30 million in financing. But there's a catch: the money comes through convertible notes that only kick in once Evernorth's merger with Armada Acquisition Corp. II actually closes.
The notes were arranged through a purchase agreement with NH Investment & Securities, acting on behalf of a Korean investment trust. It's a fairly technical structure, but the short version is simple: no completed merger, no funding.
The Bigger Picture
Evernorth has already cleared a major regulatory step, with its SEC registration statement going effective back in August. If everything closes as planned in Q4, the combined company is expected to start trading on Nasdaq under the ticker XRPN.
This adds to the more than $1 billion Evernorth has already raised from big names like Ripple, SBI Holdings, and Kraken. The goal is clear: build one of the largest public XRP treasuries out there, assuming the deal actually gets across the finish line.