Evernorth receives a boost to acquire more XRP!
Evernorth has secured a $30 million convertible note commitment from South Korean firm NH Investment & Securities to fund additional XRP purchases, contingent on the completion of its SPAC merger with Armada Acquisition Corp. II.
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@evernorthxrp has secured a $30 million convertible note funding commitment from South Korean institutional investor NH Investment & Securities, in a deal designed to deepen the company's $XRP treasury ahead of a planned Nasdaq listing.
The Structure of the Deal
According to a filing Evernorth submitted to the U.S. Securities and Exchange Commission on September 18, the company signed a subscription agreement on September 11 for the issuance of $30 million in convertible bonds. Kyobo AIM Corporate Finance General Private Equity Investment Trust No. 3, a fund managed by Kyobo AIM Asset Management, will acquire the convertible bonds, while NH Investment & Securities is participating as the fund's custodian.
The notes carry a 4.00% coupon structured as Payment-in-Kind (PIK), meaning interest is added to the principal rather than paid in cash. The company intends to use the net proceeds for general corporate purposes, including the acquisition of $XRP and other activities within the XRP ecosystem.
The closing of the convertible notes is conditioned upon the closing of Evernorth's business combination with Armada Acquisition Corp. II, which is expected to close during the fourth quarter of 2026. The U.S. Securities and Exchange Commission has already declared Evernorth's S-4 registration statement effective, clearing the path toward a public listing through a proposed merger with Armada Acquisition Corp. II.
Evernorth's XRP Treasury Ambitions
Evernorth, established in 2025, is an institutional vehicle primarily holding and managing $XRP as its core reserve asset. Its strategy includes acquiring XRP, participating in the XRP ecosystem, generating yield through lending and liquidity provisioning, operating validators on the XRP Ledger, and utilizing Ripple's RLUSD stablecoin for certain operations.
The merged entity is estimated to hold at least 473 million XRP at launch, including contributions from Ripple. Its existing investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR, among others. If the merger closes, the combined company is expected to trade on Nasdaq under the ticker XRPN.
Sources:
Evernorth Holdings Inc. Form 425 Filing, U.S. Securities and Exchange Commission
XRP treasury firm Evernorth says SEC registration now effective, The Block
XRP Treasury Company Evernorth Secures $30 Million Convertible Bond Financing, PANews
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UC HopeUC holds a bachelor’s degree in Physics and has been a crypto researcher since 2020. UC was a professional writer before entering the cryptocurrency industry, but was drawn to blockchain technology by its high potential. UC has written for the likes of Cryptopolitan, as well as BSCN. He has a wide area of expertise, covering centralized and decentralized finance, as well as altcoins.