$80.7M funding plan allows Evernorth to buy more XRP after Nasdaq debut

The company has filed to secure up to $80.7 million via a committed equity facility established with Cantor Fitzgerald. This new capital infusion may support the company's strategy concerning its XRP reserves. Under the terms of this arrangement, Evernorth is permitted to issue up to 5,218,935 shares of its Class A common stock to CF Principal Investments LLC. Based on the share price as of October 22, 2026, the facility is projected to yield approximately $80 million in gross proceeds. Evernorth intends to allocate some of these funds toward general corporate needs, which includes procuring additional XRP and advancing product development within the XRP ecosystem.

Evernorth's Chief Financial Officer, Matt Frymier, commented on this progression, stating, "This represents our first step in putting facilities in place to help grow and manage our treasury in an accretive manner for shareholders." Currently, the corporation maintains about 473 million units of the crypto asset within its treasury. This newly available funding option grants Evernorth enhanced operational flexibility.

This news follows the completion of the company's business combination with Armada Acquisition Corp. II and its subsequent commencement of trading on Nasdaq. Shortly after its debut on Wall Street, Evernorth partnered with Ripple, Coinbase, BitGo, and Kraken to begin utilizing its XRP treasury in an effort to generate returns from its holdings. The company anticipates commencing the deployment of XRP into institutional strategies during the fourth quarter of 2026. The initial strategy will depend upon established financial partners and their existing institutional infrastructure. Furthermore, Evernorth aims to investigate opportunities within the XRP Ledger as its on-chain credit and lending markets mature. Once these services are operational, Evernorth plans to channel some of its capital into those on-chain markets.

Ripple is expanding Ripple Treasury, which functions as a platform for managing corporate payments, liquidity, and cash around the clock. New features integrate AI-powered automation with digital payment rails, enabling businesses to simplify financial processes and decrease manual labor. The update, which was announced at Swell 2026, also introduces the capability of "24/7 Returns." This functionality could allow qualified corporate clients to earn returns on digital assets held within Ripple wallets, including the RLUSD stablecoin. This allows businesses to utilize unused funds outside standard banking hours, covering weekends and holidays alike.