Evernorth Holdings has filed to raise up to $80.7 million through a committed equity facility with Cantor Fitzgerald.
The move could provide fresh capital for the company’s XRP treasury strategy.
Fresh Funding to Expand XRP Treasury
Under the agreement, Evernorth can sell up to 5,218,935 shares of its Class A common stock to CF Principal Investments LLC. The company said the facility could generate around $80 million in gross proceeds, based on its October 22, 2026, closing share price. Evernorth plans to use some of the funds for general corporate purposes, including buying more XRP and developing products within the XRP ecosystem.
Commenting on the development, Evernorth’s Chief Financial Officer Matt Frymier said,
“This represents our first step in putting facilities in place to help grow and manage our treasury in an accretive manner for shareholders.”
The company already holds around 473 million units of the crypto asset in its treasury. The new funding option gives Evernorth greater flexibility as it expands its operations. The announcement comes shortly after the company completed its business combination with Armada Acquisition Corp. II and began trading on Nasdaq under the ticker XRPN.
Shortly after its Wall Street debut, Evernorth teamed up with Ripple, Kraken, Coinbase, and BitGo to put its XRP treasury to work in a bid to generate returns from its holdings. It expects to begin deploying XRP into institutional strategies in the fourth quarter of 2026.
The initial approach will rely on established financial partners and their institutional infrastructure. The company also wants to explore opportunities within the XRP Ledger as its lending and on-chain credit markets develop. Once those services are ready for use, Evernorth intends to direct some of its capital into on-chain markets.
Modernizing Corporate Cash Management
Ripple is expanding Ripple Treasury, its platform for managing corporate cash, liquidity, and payments around the clock. The new features combine AI-powered automation with digital payment rails to help businesses streamline financial operations and reduce manual work.
Announced at Swell 2026, the update also introduces 24/7 Returns. This feature could let eligible corporate clients earn returns on qualifying digital assets held in Ripple wallets, including the RLUSD stablecoin. Businesses could put idle funds to work outside traditional banking hours, even on weekends and holidays.
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