Evernorth Holdings secures $30M for XRP treasury expansion

Evernorth Holdings has secured a $30 million commitment for convertible senior notes from South Korea’s NH Investment & Securities. The financing is tied to Evernorth’s planned business combination with Armada Acquisition Corp. II, a SPAC merger expected to close in the fourth quarter of 2026.

According to SEC filings, the 4% interest notes are due in 2031 and can be converted into cash, Evernorth Class A shares, or a combination of both. The company intends to use the proceeds for corporate purposes and to expand its XRP treasury, specifically targeting XRP acquisitions and ecosystem activities to increase XRP per share over time.

Regulatory documents identify Ripple as the sole shareholder of Evernorth at the time of the agreement. The successful issuance of these notes is contingent upon the completion of the merger with Armada Acquisition Corp. II.