Ripple-backed XRP treasury company Evernorth Holdings has lined up $30 million in new financing as it prepares to go public through a merger with Armada Acquisition Corp. II (NASDAQ:XRPN).
The deal would bring Evernorth onto Nasdaq under the XRPN ticker, giving public-market investors exposure to a company built around accumulating XRP (CRYPTO: XRP) and deploying it across the XRP ecosystem.
Evernorth said the new financing may be used to buy more XRP and fund other ecosystem investments. The $30 million arrives when the merger closes, which the company expects in the fourth quarter.
Evernorth and an affiliate held 473.1 million XRP at the end of 2025. At around $1.38 per token, $30 million would buy roughly another 21.7 million XRP, or less than 5% of that existing position.
Notes Convert at $10.20 After One Year
Evernorth disclosed Thursday that the financing consists of $30 million of 4% convertible notes due in 2031, purchased by NH Investment & Securities as trustee for a South Korean investment fund.
After one year, the notes become convertible at an initial price of about $10.20 per share.
Armada shareholders are scheduled to vote on the merger Sept. 30.
XRP Slump Already Changed the Deal
Evernorth amended the merger terms in August after XRP fell from the $2.36 price used when the deal was signed. The revised structure adjusts the share count at closing based on XRP’s value, which Evernorth said should give each share a larger interest in the treasury if the token remains below that original price.
The company also bought 84.4 million XRP in November 2025 at an average price of about $2.54 per token.
Traders See $1 as More Likely Than $3
Polymarket traders give XRP a 31% chance of falling to $1 again this year, against 6% for a touch of $3.
From around $1.38, a move to $1 would represent a decline of roughly 28%, while reaching $3 would require a gain of about 117%.
The market also puts the chance of XRP reaching $2.60 at 11%, roughly the level needed to exceed the $2.54 average Evernorth paid for its 84.4 million-token cash purchase.
The next major catalyst comes Sept. 30, when Armada shareholders vote on the Evernorth merger. Approval would clear a key hurdle toward the XRPN listing and release the new financing.
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