XRP News: Ripple-Backed Evernorth Holdings Plans to Raise $80M to Buy More XRP
Highlights
- Ripple-backed Evernorth Holdings entered a stock purchase agreement with CF Principal Investments, an affiliate of Cantor Fitzgerald.
- The company to issue 5.2 million XRPN Class A common shares to raise $80.7 million for acquire more XRP.
- XRP price remains range bound but derivatives markets witness buying activity ahead of Ripple Swell.
In major XRP news, Ripple-backed XRP treasury Evernorth Holdings is planning to raise $80 million through a new stock issuance to expand its XRP holdings. The firm has adopted a funding model similar to Michael Saylor-led Strategy’s Bitcoin accumulation strategy.
Evernorth Holdings to Sell 5.2M XRPN Stocks to Cantor Fitzgerald
Evernorth signed a stock purchase agreement with CF Principal Investments, an affiliate of Cantor Fitzgerald. The agreement allows Ripple-backed XRP treasury to issue nearly 5.2 million XRPN Class A common shares over the coming months, with total proceeds estimated at $80.7 million.
Cantor Fitzgerald can purchase Evernorth shares at a price equal to 97% of the volume-weighted average price (VWAP) during the period. However, the actual fundraising scale will depend on the stock price, market liquidity, and the number of shares issued.
Evernorth plans to use the proceeds to acquire additional XRP. It will also allocate a portion to working capital, business expenses, and activities within the XRP ecosystem.
“We intend to use any proceeds from the Facility for general corporate purposes, including the acquisition of XRP and other activities within the XRP ecosystem, as well as working capital. Consistent with our business strategy, we expect that a substantial portion of any such proceeds will be used to acquire additional XRP,” the company said.
As CoinGape reported earlier, Evernorth Holdings has another potential funding source from exercising outstanding warrants. The company will issue nearly 11.5 million shares to exercise these warrants at $11.50 per share. It generates $132.2 million if fully exercised in cash.
However, this amount is not guaranteed, as warrant exercises depend on investor decisions. Issuing additional shares could also dilute the ownership percentages of existing shareholders.
What’s Next for XRP Price?
XRP price is bouncing from the key support level amid major news, with more than 1% rebound in the past 24 hours. The price currently trades at $1.29, with an intraday low and high of $1.27 and $1.31, respectively. Furthermore, the trading volume has decreased by 13% in the last 24 hours, despite the Ripple Swell event in NYC this week.
Ali Martinez, a crypto analyst who predicted a drop to $1.25, pointed out that XRP price would fall as the largest whales on the XRP Ledger are reducing their exposure. The number of wallets holding between 10 million and 100 million XRP dropped from 351 to 339 over the past few weeks.
Data from CryptoQuant shows that XRP whales transacting more than 1 million coins are increasingly sending their tokens to exchanges. XRP price remains in the support zone between $1.28 and $1.30, breaking the range would drive prices in coming days.
CoinGlass data showed buying in the derivatives market in the last few hours. This has narrowed the 24-hour fall in XRP futures open interest to 0.87% at $2.86 billion. All crypto exchanges, including CME and Binance, are witnessing buying activity among traders.
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