Evernorth Nabs $30M Convertible Financing Ahead of Nasdaq Listing

XRP treasury firm Evernorth Holdings has secured $30 million in convertible-note financing from South Korea's NH Investment & Securities. The deal is tied to Evernorth's planned SPAC merger with Armada Acquisition Corp. II, which is expected to close in the fourth quarter of 2026.

The new funding will give Evernorth more capital for XRP purchases as it prepares for its Nasdaq listing under the ticker XRPN. The company plans to deploy this capital across the XRP economy through various strategies aimed at increasing XRP per share over time.

Evernorth's Form S-4 registration statement was declared effective on August 27, bringing the company closer to completing the SPAC transaction. Armada shareholders are scheduled to vote on the business combination on September 30.