XRP News: SEC Approves Ripple-Backed Evernorth to Raise Funds to Buy More XRP
Highlights
- Ripple-backed Evernorth Holdings gains SEC approval to issue shares from warrant exercises.
- The XRP treasury plans to sell more shares as per its strategy to acquire more XRP and increased XRP per share.
- XRP jumped more than 5% to $1.35 amid the major treasury growth news.
In major XRP news, the US Securities and Exchange Commission (SEC) has approved a prospectus allowing Ripple-backed Evernorth Holdings to issue shares from warrant exercises and using proceeds potentially for XRP treasury growth.
According to the latest notice of effectiveness, Evernorth Holdings can issue up to 11,499,992 shares of XRPN Class A common stock upon the cash exercise of public warrants at $11.50 per share. As CoinGape reported, Evernorth plans to sell more shares to acquire more XRP, as part of its focus to expand the company’s treasury.
This step provides Ripple-backed XRP treasury company a regulated route to raise capital that management can direct toward further XRP accumulation. The company’s strategy is to grow a concentrated XRP position and maximize XRP per share. If all warrants are exercised for cash, Evernorth could receive approximately $132.25 million in gross proceeds at $11.50 per share.
In premarket trading today, XRPN stock price is trading near $15.16 and the warrants (XRPNW) at around $4. Evernorth receives proceeds only from cash exercises of the warrants. It will not receive proceeds from other sales of the underlying shares under this prospectus.
Management retains broad’s approval over the use of any net proceeds for general corporate purposes. The company has previously outlined plans to raise more capital through share issuance and other means to purchase more XRP, actively manage its holdings, seek yield strategies on the XRP Ledger, and expand within the XRP ecosystem.
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Ripple-Backed Evernorth Plans to Expand XRP Treasury
Ripple-backed Evernorth Holdings completed its merger with Armada Acquisition Corp II earlier this month. It began trading on Nasdaq under the ticker XRPN.
At closing, the company held almost 473 million XRP. Investors included Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. CEO Asheesh Birla, a former Ripple executive, described the public listing as offering regulated exposure to XRP.
Actual capital raised will depend on the number of warrants exercised. Moreover, dilution of existing shareholders is a potential outcome if exercises occur at scale. Evernorth has also signaled plans to begin deploying portions of its existing XRP treasury in the fourth quarter of 2026 through institutional partners including Ripple, Kraken, Coinbase, and BitGo.
XRP jumped more than 5% in the last 24 hours amid the major news, with the price currently trading around $1.35. The 24-hour high is $1.37, with trading volume also surging more than 30%.
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