Key facts
- SEC approved Evernorth Holdings to issue up to 11,499,992 shares of XRPN Class A common stock.
- Warrant exercise price is $11.50 per share, potentially raising $132.25 million.
- Evernorth aims to expand its XRP treasury and maximize XRP per share.
- The company plans to deploy existing XRP treasury in Q4 2026 through institutional partners.
- XRP price rose over 5% in the past 24 hours.
The US Securities and Exchange Commission (SEC) has approved a prospectus for Ripple-backed Evernorth Holdings to issue shares from public warrant exercises. This regulatory approval allows Evernorth to potentially raise up to $132.25 million by selling shares at $11.50 each, with the proceeds earmarked for expanding its XRP treasury. The company aims to increase its XRP holdings and maximize XRP per share. Evernorth Holdings, which began trading on Nasdaq under the ticker XRPN after merging with Armada Acquisition Corp II, held nearly 473 million XRP at closing. Investors in the company include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. CEO Asheesh Birla, a former Ripple executive, highlighted the public listing as offering regulated exposure to XRP. The company also plans to deploy portions of its existing XRP treasury in the fourth quarter of 2026 through institutional partners.