XRP Treasury Firm Evernorth Secures $30M as Ripple Deal Nears

XRP treasury firm Evernorth Holdings has secured a $30 million convertible-note commitment from South Korea’s NH Investment & Securities. The financing is tied to Evernorth’s planned SPAC merger with Armada Acquisition Corp. II. 

It is expected to give the company more capital for XRP purchases as it prepares for its Nasdaq listing under the ticker XRPN.

Evernorth Secures $30M Convertible Financing

According to the SEC Form 8-K filing, Evernorth entered into a Note Purchase Agreement with NH Investment & Securities, which is acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust.

Under the agreement, Evernorth will issue $30 million of 4% Convertible Senior PIK Notes due 2031. The notes can be converted into cash, Evernorth Class A shares, or a combination of both, at the purchaser’s election.

The filing also identifies Ripple as Evernorth’s sole stockholder as of the date of the Note Purchase Agreement. It shows Ripple had provided Evernorth and Pathfinder with related-party revolving credit facilities. 

Pathfinder had approximately $5.05 million outstanding under its $7 million facility as of March 31, 2026.

Evernorth Moves Closer to Nasdaq Listing

The $30 million financing is tied directly to Evernorth’s planned public listing through its merger with Armada Acquisition Corp. II. The SEC filing states that the note issuance will close only if the business combination is completed, which is currently expected in the fourth quarter of 2026.

Evernorth’s Form S-4 registration statement was declared effective on August 27, bringing the company closer to completing the SPAC transaction. 

As part of its strategy, Evernorth plans to deploy capital across the XRP economy through different strategies designed to increase XRP per share over time.

Meanwhile, Armada shareholders are scheduled to vote on the business combination on September 30. If approved and completed, the combined company is expected to begin trading on Nasdaq under the ticker XRPN.

Evernorth Builds Its XRP Treasury

The new financing gives Evernorth another potential source of capital as it builds its XRP-focused treasury ahead of its planned public listing. The deal also brings South Korean institutional capital into Evernorth’s XRP strategy.

Earlier, Evernorth founder and CEO Asheesh Birla said, 

“We set out to build an actively managed XRP treasury with the transparency and governance public markets demand.”

Evernorth has received early backing from Ripple, Pantera Capital and SBI Group. The company is using a corporate treasury model similar to MicroStrategy, raising capital through convertible debt to expand its digital asset holdings.