Evernorth Holdings is preparing to issue $30 million in convertible senior payment-in-kind notes due 2031, carrying a 4% annual coupon, to fund open-market XRP purchases and broader ecosystem activity. The financing, agreed on September 11 with NH Investment & Securities acting as trustee for a Kyobo AIM trust, is explicitly conditional on the closing of Evernorth's business combination with Armada Acquisition Corp. II during the fourth quarter. Until that merger completes, the note proceeds and the XRP buying they would fund remain contingent rather than committed.
The company showcased a 473 million XRP treasury after its Nasdaq listing, positioning itself as a publicly traded vehicle for actively managed XRP exposure. CEO Asheesh Birla has described the strategy as using XRP as an operational asset on the XRP Ledger rather than a passive holding, pointing to approximately $3.6 billion in tokenized real-world assets on the ledger — roughly 24 times growth over the past year — and rising activity since the launch of Ripple's RLUSD stablecoin.