Public companies are increasingly viewing XRP as more than a long-term holding, and Evernorth’s latest conditional financing underscores that shift. According to an SEC filing, Evernorth agreed to issue $30 million of 4% convertible senior payment-in-kind notes due 2031 to NH Investment & Securities, acting as trustee for a private investment trust. The company said proceeds may be used for general corporate purposes, including acquiring XRP and supporting other XRP-ecosystem activities.
The financing is not available immediately: notes will only be issued if Evernorth completes its business combination with Armada Acquisition Corp. II. The note issuance is expected to close at the same time as the SPAC transaction, which Evernorth anticipates in the fourth quarter. Armada shareholders are due to vote Sept. 30 on the proposed business combination, and if the deal closes and Nasdaq listing conditions are satisfied, the combined company is expected to trade under the ticker XRPN.
Evernorth already holds roughly 473 million XRP. The new $30 million note could add incremental capital to expand that position. The notes carry 4% payment-in-kind interest, meaning interest is added to principal rather than necessarily paid in cash, helping preserve liquidity. They are convertible into cash, Evernorth shares or a combination of both, and include redemption features designed to provide an 8% annual yield to put under certain default or fundamental transaction events.
Evernorth’s strategy goes beyond passive holding. It has said it plans to deploy capital into lending, liquidity provision and XRP-based infrastructure, with the goal of increasing XRP exposure per share. Other public and public-bound companies are pursuing similar treasury models. Nasdaq-listed VivoPower launched an XRP-focused digital asset treasury strategy in 2025 alongside a $121 million capital raise, aiming to diversify treasury assets and generate yield. Wellgistics Health has also outlined an XRP treasury strategy in SEC filings, including the possible use of XRP as collateral or to generate income.
The trend carries risks: XRP can fall sharply, borrowing against crypto can amplify losses, and issuing shares or convertible debt can dilute existing shareholders. Still, the corporate XRP treasury market is moving from theoretical interest toward concrete balance-sheet strategies, with Evernorth attempting to turn the concept into a dedicated Nasdaq-listed business.
