Evernorth's Nasdaq Approval Doesn't Guarantee $300M XRP Buy

Evernorth's XRP Treasury Plan Advances, But Funding is Less Than Expected

Evernorth’s plan to become a publicly traded treasury for XRP received shareholder approval on September 30, with a closing date targeted for October 7 and Nasdaq trading under the ticker XRPN expected on October 8. However, the actual capital available for new XRP purchases is considerably less than the widely reported $300 million figure.

According to disclosures, gross sources, if all pending items settle, total approximately $88.5 million before expenses. This figure accounts for delayed subscriptions ($10.5 million), incremental convertible notes ($30 million), and expected trust proceeds (around $48 million). The initial $300 million estimate included a prior $214 million XRP purchase completed in November 2025, funded by advance placement proceeds that cannot be reused for subsequent acquisitions.

Evernorth previously purchased roughly 84.37 million XRP at an average price of $2.54 in November 2025, using funds from its advance placement program. The company’s current holdings are expected to be approximately 473 million XRP at closing, a figure that includes prior purchases and committed investments from entities like RippleWorks (approximately 211.3 million XRP), which could be withdrawn if the merger fails.

Additional costs, including accounts payable ($5.39 million as of June 30, 2026), accrued expenses ($9.2 million), underwriting fees, and operating capital needs, will further reduce the amount of capital available for direct XRP purchases. The $30 million convertible note issuance is also contingent on the business combination closing and carries a 4% annual payment-in-kind interest rate.

Source: CryptoSlate