Evernorth is raising $30 million through a convertible bond deal as the XRP-focused treasury company prepares to expand its cryptocurrency holdings.
In a filing with the U.S. Securities and Exchange Commission (SEC) disclosed Friday, the San Francisco-based treasury company said it signed a subscription agreement on September 11 to issue $30 million in convertible bonds.
Notably, Evernorth said it will use the funds to buy more XRP and support businesses connected to the XRP ecosystem.
As per the filing, South Korean financial firms NH Investment & Securities and Kyobo AIM Asset Management are involved in the transaction. A fund managed by Kyobo AIM will purchase the convertible bonds, while NH Investment & Securities will serve as custodian.
Shareholders of Armada Acquisition Corp. II, a publicly listed SPAC that Evernorth is merging with to get onto Nasdaq, will vote on the deal on September 30. If approved, the combined company is expected to list on Nasdaq under XRPN.
 
The move puts Evernorth among a growing number of companies building corporate treasuries around XRP. In August 2025, Nasdaq-listed VivoPower International announced a $100 million XRP treasury initiative, while Trident Digital Tech Holdings outlined plans for a treasury of up to $500 million.
Meanwhile, Evernorth’s fundraising comes as attention grows around Ripple’s possible Nasdaq listing. For now, Ripple remains a private company and has not filed an S-1 registration statement for a public offering.
CEO Brad Garlinghouse did, however, appear more open to an IPO in August, describing the company’s position as more neutral after years of maintaining that it was comfortable remaining private. At the time, Ripple was also pursuing a $750 million share buyback that valued the company at approximately $50 billion.
Moreover, the latest funding also comes days after the U.S. Senate failed to advance the Clarity Act on September 15. The procedural vote fell short of the 60 votes required to move the legislation forward. The bill was designed to establish a clearer regulatory framework for digital assets, including rules around which cryptocurrencies could be treated as securities or commodities.
Garlinghouse said the setback would not change Ripple’s business or XRP’s legal position, pointing to the company’s court battle with the SEC.
“This one stings. Our team gave everything we had to get the Clarity Act across the finish line,” Garlinghouse wrote.
He added that Ripple’s business remained strong despite the failed vote, citing demand from traditional financial institutions and the wider digital asset industry.
That said, continued growth in corporate XRP treasuries could deepen institutional exposure to the asset and strengthen the wider XRP ecosystem. On the other hand, passage of the CLARITY Act could also bring more regulatory clarity, potentially strengthening the case for Ripple to pursue an IPO.
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