Evernorth secures $80M equity facility to expand XRP treasury

Evernorth Holdings (NASDAQ: XRPN) has secured a committed equity facility potentially worth approximately $80 million to support additional XRP acquisitions and development across the XRP ecosystem. The company announced Monday that it entered into a common stock purchase agreement with CF Principal Investments LLC, an affiliate of Cantor Fitzgerald, allowing it to sell up to 5,218,935 Class A common shares. Based on XRPN’s closing share price on October 22, the facility could generate approximately $80 million in gross proceeds if fully utilized. Evernorth said the capital could be used to expand its XRP holdings, fund product development within the XRP ecosystem and support general corporate operations. “This represents our first step in putting facilities in place to help grow and manage our treasury in an accretive manner for shareholders,” said Matt Frymier, Evernorth’s chief financial officer. The agreement provides Evernorth with access to additional capital as market conditions permit, rather than an immediate $80 million cash injection. Actual proceeds will depend on the number of shares sold and their prices at the time of issuance. The company also said it may pursue add...