Evernorth Holdings Secured $30 Million in Financing
The firm raised capital via convertible notes ahead of a planned merger vote.
Updated on Sept. 18, 2026 in Corporate Finance
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Evernorth Holdings has secured $30 million in financing through convertible notes carrying a 4% interest rate due in 2031. The capital raise follows an amendment to the company's merger agreement with Armada Acquisition Corp. II.
Why it matters
The financing provides necessary liquidity to fund ongoing ecosystem investments and further XRP token acquisitions. The company adjusted its merger terms after market volatility affected the valuation of its XRP holdings.
Evernorth secured $30 million in notes convertible at $10.20 per share after one year. The company previously acquired 84.4 million XRP in November 2025 at an average price of $2.54 per token.
The players
Evernorth Holdings
This investment firm manages large-scale digital asset holdings and is pursuing a merger to list on the Nasdaq.
Armada Acquisition Corp. II
This special purpose acquisition company is currently preparing for a shareholder vote regarding a merger with Evernorth.
NH Investment & Securities
This financial institution acted as the trustee for a South Korean investment fund to purchase the convertible notes.
The details
NH Investment & Securities provided the funding, acting as trustee for a South Korean investment fund. The company's total XRP holdings reached 473.1 million at the end of 2025, though the current token price sits at $1.38.
Timeline
November 2025: Evernorth purchased 84.4 million XRP tokens.
End of 2025: Total XRP holdings reached 473.1 million tokens.
August 2026: Evernorth amended its merger terms.
September 30, 2026: Shareholders will vote on the proposed merger.
Q4 2026: The merger is expected to close.
Market Dynamics
The firm's focus on accumulating XRP follows a pattern set by institutions balancing volatile asset valuations against the regulatory outcomes established by the SEC v. Ripple Labs litigation.
Retail investors should note that the merger structure will adjust share counts at closing based on the prevailing XRP value. Polymarket traders currently estimate a 31% probability of the token price falling to $1 in 2026.
The takeaway
The move demonstrates a commitment to aggressive asset accumulation despite the recent decline in token prices. Investors should monitor the upcoming shareholder vote as the primary indicator for the company's future equity structure.
What happens next
Shareholders are scheduled to vote on the merger agreement on September 30, 2026, with an expected closing in the fourth quarter of 2026.
Further reading
For broader trends in merger activity, visit our Corporate Finance section.
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