Evernorth Holdings finalized a $30 million convertible note purchase agreement with NH Investment & Securities on September 11, 2026. According to an official filing with the Securities and Exchange Commission (SEC) dated September 17, NH Investment facilitated the transaction in its capacity as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. The medium-term note carries a 4% payment-in-kind (PIK) interest rate and matures in 2031.
The disbursement of the $30 million cash and the issuance of the debt securities are subject to a key condition. The investor payout is scheduled to take place concurrently with the closing of Evernorth’s business combination with Armada Acquisition Corp. II. The merger is targeted for completion during the fourth quarter of 2026. Ahead of the closing deadline, Evernorth has also registered its shareholder voting schedule on Nasdaq to advance the transaction.
Use of the $30M Proceeds
Corporate filings grant management wide latitude in allocating the proceeds from the note issuance. The gross $30 million in cash, prior to deducting transaction fees, can be used for general corporate purposes. Expenditure options include purchasing XRP tokens on the open market as well as funding XRP ecosystem operations. The language in the legal filing was deliberately kept flexible to ensure Evernorth is not obligated to deploy all debt proceeds exclusively toward crypto purchases.
The registration document notes that the combined Evernorth and Armada entity is projected to hold a reserve of at least 473,276,430 XRP upon closing, underscoring the company’s crypto-based treasury strategy.
Direct Injection from Ripple
The hundreds of millions of tokens were accumulated through two distinct acquisition channels. An initial supply of 84,365,876 XRP was acquired through a $214 million purchase by management in November 2025, at an average cost basis of $2.54 per token. A larger portion of the reserves was contributed directly by the asset’s creator: Ripple provided 126,791,458 XRP as a capital contribution within the corporate transaction structure.
For Nasdaq market participants, Evernorth’s latest move redefines the asset they trade. Purchasing shares in the combined entity offers direct proxy exposure to the price movements of hundreds of millions of XRP held in the corporate treasury. Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
