Evernorth Snags $30 Million in Convertible Notes Ahead of SPAC Deal

XRP-focused treasury company Evernorth is raising $30 million through convertible senior notes contingent on the closing of its business combination with Armada Acquisition Corp. II, according to an SEC filing.

The note purchase agreement was signed on September 11 with NH Investment & Securities as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3, indicating secured fundraising for the crypto treasury ahead of the SPAC deal.

This development comes as a sign of growing interest in XRP and its associated businesses, particularly with regards to institutional investments.