Key facts
- Evernorth Holdings plans to raise $80 million to buy XRP.
- The company will issue nearly 5.2 million XRPN Class A common shares.
- Cantor Fitzgerald's affiliate, CF Principal Investments, is the buyer.
- Proceeds will be used for XRP acquisition and general corporate purposes.
Evernorth Holdings, a company backed by Ripple, is planning to raise approximately $80 million through a new stock issuance to increase its holdings of XRP. The firm has entered into a stock purchase agreement with CF Principal Investments, an affiliate of Cantor Fitzgerald, to sell nearly 5.2 million XRPN Class A common shares. The proceeds, estimated at $80.7 million, will be used for general corporate purposes, including the acquisition of additional XRP, and for working capital. Evernorth also has the potential to raise an additional $132.2 million from exercising outstanding warrants, though this is not guaranteed. The news comes as XRP price shows a slight rebound, trading around $1.29, despite some analysts noting a decrease in whale holdings.