Evernorth Holdings plans $80 million XRP acquisition via equity sale

Evernorth Holdings, a Nasdaq-listed company with significant XRP holdings, has entered into a stock purchase agreement with Cantor Fitzgerald affiliate CF Principal Investments LLC. The agreement allows Evernorth to sell up to 5,218,935 Class A common shares over approximately 14 months to raise capital.

Based on recent share prices, the sale is estimated to generate approximately $80.7 million in gross proceeds. Evernorth intends to use a substantial portion of these funds to acquire additional XRP and support activities within the XRP ecosystem, while allocating the remainder to working capital and corporate expenses.

The company, which recently completed a business integration with Armada Acquisition Corp II, currently holds approximately 473 million XRP. This strategic move follows a pattern of using equity financing to expand its digital asset treasury, a model similar to that employed by MicroStrategy for Bitcoin acquisitions.